KUALA LUMPUR, Nov 21 — Boustead Plantations Bhd’s net loss had widened to RM34.31 million in the third quarter ended Sept 30, 2019 from RM21.89 million in the same quarter last year, mainly due to higher amortisation and finance costs.
Its revenue, however, rose to RM139.2 million from RM131.1 million previously due to the significant increase in sales volume of palm oil and kernel, which had more than offset the decline in prices of palm products, it said in a filing with Bursa Malaysia today.
Meanwhile, in a separate statement, Boustead Plantation said average crude palm oil (CPO) selling price for the first nine-month of 2019 was RM2,011 per metric tonne (MT), down by 16 per cent compared with the same period last year, while average palm kernel price declined by 39 per cent to RM1,179 per MT.
“For fresh fruit bunches production for the period, it grew by 10 per cent to 727,771 MT and average oil extraction rate increased to 21.6 per cent, while the average kernel extraction rate remained stable at 4.4 per cent,” it said.
Moving forward, the group expects the rest of the year to be driven by CPO price, crop production and its transformation programme.
“The transformation programme will focus on yield improvement, prudent cost management and operational efficiency to enhance profitability,” it added. — Bernama
