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MPM's current quarter sales increased 6% against corresponding quarter mainly due to marginal growth in revenue across all fishery divisions. However earnings for the current quarter decreased 8% due to lower overall margins of fisheries products.
Similarly cumulative sales increased 10% due to higher export contribution of fishmeal, surimi and surimi-based products. However cumulative earnings decreased 6% due to lower overall margins.
POA's current quarter sales and earning decreased 12% and 16% respectively against corresponding quarter. This was due to severe drop in FFB processed in East Malaysia and El-Nino effect despite improved CPO price (RM2507 vs RM2041) and increase in FFB production in Indonesian plantation unit.
POA's cumulative sales and earning decreased 6% and 18% respectively due to the same reasons as well as lower contribution from associate (Boilermech).
ILF's current quarter sales increased 9% against corresponding quarter mainly due to higher contribution from Peninsular Poultry operations and Indonesia feedmill unit. Current quarter earnings increased 17% due to better farm produced prices in Malaysia & Vietnam as well as higher contribution from Indonesia feedmill unit.
Similarly ILF's cumulative sales increased 3% against corresponding quarter due to higher contribution from Indonesia feedmill unit. Cumulative earnings increased 17% mainly due to higher contribution in Q2 from Malaysia and regional poultry operations.
MPM's current quarter sales increased marginally against preceding quarter, however earning increased 12% against preceding quarter mainly due to overall improvement of margins.
POA's current quarter sales decreased 24% against preceding quarter mainly due to lingering El-Nino effect on FFB processed in East Malaysia. Earnings however increased 15% due to higher contribution from Indonesia plantation unit.
ILF's current quarter sales increased 21% against preceding quarter mainly due to improved volume of feed raw material traded. However, earnings increased significantly against preceding quarter mainly due to improved margin from feed raw material trade as well as overall improvement of farm produced prices in Peninsular Malaysia and Vietnam.
Barring unforseen events, the management are confident that Q3FY17 performance will be satisfactory.