Sarawak Plantation slips into the red in FY17 on impairments – Business News


KUALA LUMPUR: Sarawak Plantation Bhd registered a net loss of RM10.51mil in the financial year ended Dec 31, 2017, compared with a net profit of RM19.33mil a year ago, mainly due to impairment losses of RM43mil recognised during the period.

Revenue was up at RM399.17mil versus RM383.96mil in 2016.

For the 2017, the oil palm operations segment contributed 99.7 per cent of the revenue.

“The revenue of the oil palm operations increased by RM15.5 million to RM398.2 million in 2017 compared with RM382.7 million reported in the preceding year,” it said in a filing with Bursa Malaysia.

The plantation firm said the increase was principally attributed to the effect of, higher realised average selling price of crude palm oil (CPO) and sale volume of CPO, partially offset by, lower realised average selling price of palm kernel (PK) and lower sales volume of PK during the current financial year.

For the fourth quarter, the company incurred a net loss of RM38.37mil versus net profit of RM3.98mil a year ago. Revenue dipped to RM100.11mil versus RM110.95mil.

As for the outlook,  Sarawak Plantation said its performance depended largely on the production, operation efficiency and prices of CPO and PK.

“The group will continue its efforts to improve performance and use its best endeavour to achieve satisfactory results for the next financial year,” it added.  

Earnings per share were 3.66 sen for 2017 versus 7.94 sen previously.

Read more : thestar

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