KUALA LUMPUR, April 22 — United Plantations Bhd’s net profit slipped to RM74.83 million in the first quarter ended March 31, 2021 (1Q21) from RM81.19 million in the same quarter last year.
In a filing with Bursa Malaysia today, the plantation company said revenue however rose 25.3 per cent to RM399.65 million during the quarter under review from RM318.91 million previously, due to higher revenue from the plantation and refinery segments by 11.2 per cent and 31.9 per cent respectively in the current quarter.
“With the global vaccination programme still not gaining sufficient momentum in Q1 and very likely also Q2, various supply chains will still be subject to disruptions fuelling volatility in the commodity markets,” it said.
Meanwhile, the company views Covid-19 as being the single largest risk in the foreseeable future and is duly directing its attention towards doing what is practically possible to mitigate the risk.
“In spite of the above, the board nevertheless wishes to emphasise that with UP’s positive liquidity and conservative capital resources, we believe the company, based on the present fundamentals, will be able to perform satisfactorily without any need for asset impairments arising from the pandemic,” it said. — Bernama
