Quarterly Report For The Financial Period Ended 31 March 2017
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Condensed Consolidated Income Statements For The Period Ended 31 March 2017 (Unaudited)
Condensed Consolidated Statement Of Financial Position
Review of performance for the current quarter and financial period to-date.
For the quarter and year under review, the MPM divisions was affected by lower contribution from surimi and fishmeal operations due to overall lower fish catch.
As a consequence, MPM's current quarter sales decreased marginally and earnings decreased 36% against corresponding quarter. Although cumulative sales increased 4% but earnings decreased 13% against corresponding period respectively.
POA's current quarter sales increased 45% against corresponding quarter mainly due to higher CPO price and volume of FFB processed by Indonesian plantation unit. (CPO price: RM3,129 current qtr vs RM2,321 corresponding qtr)
POA's current quarter earnings increased significantly due to:
- higher contribution (higher volume of FFB produced & processed) from both Indonesian & Sabah unit's oil palm operations and;.
- higher CPO price.
POA's cumulative sales increased 14% mainly due to higher CPO price as well as higher FFB processed by Indonesian unit oil palm operations. Cumulative earnings increased 138% due to the same reasons.
For the quarter and year under review, the ILF divisions was affected by the following factors:
- continuing poor farm productivity of Indonesian poultry units,
- major egg price correction in Q3 & Q4 in Peninsular market due to over production by domestic egg players,
- better contribution from Vietnam poultry unit and Indonesian feedmill unit.
- gain on disposal of investment properties in Q4.
As a results, current quarter sales increased 2% and current quarter earnings increased significantly against corresponding period, while cumulative sales and earnings increased 5% and 24% respectively against corresponding period.
Review of current quarter performance with the preceding quarter.
MPM's current quarter sales increased 5% due to seasonal factors. Earnings increased 18% against preceding quarter due to the same reasons.
POA's current quarter sales increased 32% against preceding quarter due to higher FFB processed by Indonesian plantation unit. Earnings increased significantly due to higher FFB processed by Indonesian plantation unit as well as higher CPO price.
ILF's current quarter sales increased 8% against preceding quarter mainly due to higher volume of raw materials traded. Earnings however decreased 32% against preceding quarter due to lower contribution from Indonesian poultry unit as well lower raw material trade margin.
Prospects for the next quarter to 31st March 2017
Barring unforeseen events, the management are confident that Q4FY17 performance will be satisfactory.