Condensed Consolidated Income Statements

Condensed Consolidated Statement Of Financial Position

Review of performance for the current quarter and financial period to-date

1. MPM's current quarter sales were marginally lower than the corresponding quarter mainly due to weak performance of fishing, fishmeal and aquaculture activities despite better performance of surimi and surimi-based products supported by higher sales volume albeit at a lower price.

   Despite improved margin from surimi-based products contributed by lower input cost and higher sales volume, earnings were 21% lower than the corresponding quarter mainly due to margin erosion in fishmeal with significantly lower selling price from its peak in Q3 FY2024 caused by weaker aquaculture activities.

   Cumulative sales improved marginally against the corresponding period mainly due to the better performance of surimi and surimi-based products supported by higher sales volume which helped to mitigate the weak performance of fishing and aquaculture activities impacted by weak market sentiment.

   Cumulative earnings decreased by 11% mainly due to the same reasons as the quarterly earnings

2. ILF's current quarter sales increased by 4% against the corresponding quarter mainly due to substantially higher sales volume for feed raw materials trading at lower unit price and increase in egg sales volume despite lower egg ceiling price in Malaysia.

   Earnings were 20% higher than the corresponding quarter mainly due to substantially higher feed raw material trading volume with stable margin, better Malaysia layer operations performance contributed by lower input cost as well as cost subsidy. In addition, Indonesia operations reported improved performance.

   Cumulative sales increased by 6% against the corresponding period mainly due to the same reasons as the quarterly sales.

   Cumulative earnings increased 16% against the corresponding period mainly due to the same reasons as the quarterly earnings.

3. CVS's current quarter sales increased by 8% against the corresponding quarter mainly due to net increase of 46 stores and 55 FM Mini. Overall average store sales declined marginally compared to Q3 FY2024, which benefited from the e-Madani program.

   Earnings were 22% lower against the corresponding quarter mainly due to lower average store sales and higher operating expenses.

   Cumulative sales increased by 13% against the corresponding period mainly due to net increase in stores and higher average store sales during the festives and also positive impact from initial EPF Account 3 withdrawal in the first quarter.

   Despite higher sales, cumulative earnings increased by 9% only against the corresponding period mainly due to higher operating expenses.

4. POCE's current quarter sales were 37% higher than the corresponding quarter mainly due to results consolidation of the newly acquired Plus Xnergy Holdings under BM Greentech as well as better performance of palm oil activities attributed to substantially higher CPO price despite lower FFB tonnage produced and processed.

   Earnings were substantially higher than the corresponding quarter mainly due to higher project margin as well as project progress at BM Greentech. In addition, palm oil activities reported better margin helped by substantially higher CPO price despite lower FFB tonnage produced and processed.

   Cumulative sales were 9% higher than the corresponding period mainly due to higher project progress and results consolidation of the newly acquired Plus Xnergy Holdings under BM Greentech despite weaker performance of palm oil activities affected by lower FFB tonnaged produced and processed albeit at higher CPO price.

   Cumulative earnings were substantially higher than the corresponding period mainly due to the same reasons as the quarterly earnings.

Review of current quarter performance with the preceding quarter

1. MPM's current quarter sales decreased by 10% against the preceding quarter mainly due to weaker performance of fishmeal, fishing and aquaculture activities despite better performance of surimi and surimi-based products albeit at a lower unit price.

   Despite strong performance of surimi-based products supported by higher volume and improved export margin with stronger USD, earnings were down marginally mainly due to weaker performance of all other activities affected by lower selling price.

2. ILF's current quarter sales decreased by 5% against the preceding quarter mainly due to lower unit price and sales volume for feed raw material trading.

   Despite better performance of Malaysia layer operations supported by lower feed cost and egg cost subsidy, earnings were down marginally against the preceding quarter mainly due to weak performance of Indonesia and Vietnam farming operations.

3. CVS's current quarter sales increased marginally against the preceding quarter mainly due to net increase of 18 stores and 19 FM Mini which helped to mitigate marginal decline in average store sales.

   Earnings decreased by 20% against the preceding quarter due to lower average store sales and higher operating expenses.

4. POCE's current quarter sales increased by 13% against the preceding quarter mainly due to results consolidation of the newly acquired Plus Xnergy Holdings by BM Greentech as well as better performance of palm oil activities contributed by higher CPO price.

   Earnings increased by 14% from the preceding quarter mainly due to higher project margin under BM Greentech as well as better performance of palm oil activities attributable to higher CPO price.

Prospects for the next quarter to 31st March 2025

Despite uncertain global economy outlook caused by US trade protectionism policies, intensified tariff war as well as weakened domestic consumer sentiment, the management is cautiously positive that the business performance will remain satisfactory in the coming quarter with the egg cost subsidy and ceiling price mechanism in Malaysia.