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 was flat against the corresponding quarter where better performance of fishmeal and surimi-based products contributed by higher export price helped to offset weaker performance of surimi which continued to face stiff competition internationally.

   Earnings was 19% better than the corresponding quarter mainly due to higher margin for fishmeal and surimi-based products from higher export selling price as a result of strong USD

   Cumulative sales also improved marginally mainly due to the same reason as the quarterly sales.

   Cumulative earnings increased by 11% against the corresponding period mainly due to improved margin for fishing activities, fishmeal and surimi-based products as a result of better fish landing and higher export price from strong USD despite weaker margin reported by surimi and aquaculture activities.

2. POCE's current quarter sales increased by 14% against the corresponding quarter mainly due to higher project progress in BM GreenTech

   Turnaround in earnings against the corresponding quarter mainly due to higher project progress and margin recovery at BM GreenTech. In addition, better performance reported by palm oil activities with higher yield from plantations and improved milling efficiency.

   Cumulative sales increased by 18% against the corresponding period mainly due to the same reasons as the quarterly sales.

   Strong turnaround in cumulative earnings mainly due to the same reasons as the quarterly earnings.

3. ILF's current quarter sales was marginally lower against the corresponding quarter mainly due to lower selling price for farm produce at the overseas farming operations and raw material trading despite higher volume of raw material trading and egg and also contribution from newly acquired layer farm in the quarter.

   Earnings increased by 23% against the corresponding quarter mainly due to improved feed raw material trading margin and better performance of layer operations in Malaysia helped by cost subsidy for high input costs and contribution from the newly acquired layer farm in the quarter.

   Despite higher volume and selling price for farm produce, cumulative sales decreased marginally against the corresponding period mainly due to lower trading volume and unit selling price for feed raw material.

   Despite weaker margin for Vietnam layer operations, cumulative earnings increased by 40% against the corresponding period mainly due to strong performance of Malaysia farming operations and recovery in Indonesia operations. In addition, high input costs were partly mitigated by continued Malaysia government cost subsidy for egg.

4. CVS's current quarter sales increased by 30% against the corresponding quarter mainly due to increase of 42 stores and additional FM Mini installation during the period.

   Earnings increased significantly against the corresponding quarter mainly due to higher sales and margin normalization from store operation efficiency

   Cumulative sales increased by 27% against the corresponding period mainly due to the same reasons as the quarterly sales.

   In line with high sales, cumulative earnings increased by 24% against the corresponding period whilst higher operating cost was mitigated through store operation efficiency improvement efforts.

Review of current quarter performance with the preceding quarter

1. Despite better performance of surimi-based products, MPM's current quarter sales decreased marginally against the preceding quarter mainly due to weaker performance of fishing, fishmeal and aquaculture activities.

   However, earnings increased by 13% mainly due to improved margin of surimi-based products with lower input material costs

2. POCE's current quarter sales decreased by 14% against the preceding quarter mainly due to lower sales recorded at BM Greentech with slower project progress and lower FFB production tonnage in palm oil activities.

   Earnings decreased by 37% from the preceding quarter was mainly due to overall lower POCE sales and weaker margin attributed to project mix at BM Greentech.

3. ILF's current quarter sales increased by 5% against the preceding quarter mainly due to higher trading volume for feed raw material albeit at a lower unit selling price and contribution from the newly acquired layer farm in the quarter.

   Despite improved performance of Malaysia's trading activities and layer farming, earnings decreased by 6% against the preceding quarter mainly due to margin erosion for East Malaysia broiler integration after cost subsidy withdrawal as well as weaker performance of Indonesia and Vietnam farming operations.

4. CVS's current quarter sales increased by 4% against the preceding quarter mainly due to increase of 6 stores.

   Earning decreased marginally against the preceding quarter mainly due to higher operating cost.

Prospects for the next quarter to 31st March 2024

Despite high interest rate environment, escalated Middle East tension and uncertain global economy outlook, the management is cautiously optimistic that the business performance will remain satisfactory in the coming quarter notwithstanding seasonal factor, as we envisage the egg cost subsidy to continue.