Boustead Plantations' profit falls on lower palm product prices

May 23, 2018 | By | Reply More

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KUALA LUMPUR: Boustead Plantations Bhd’s net profit for the first quarter ended March 31, 2018, fell to RM2.35 million from RM29.08 million recorded in the same period last year due mainly to lower prices of palm products.

Revenue declined to RM154.60 million from RM189.02 previously, the group said in a filing with Bursa Malaysia today.

Vice-Chairman Tan Sri Lodin Wok Kamaruddin said the year ahead was expected to see an increasing supply of alternative vegetable oils, putting pressure on demand for crude palm oil (CPO) and leading to increased palm oil inventories.

“However, the CPO market could benefit from the likelihood of higher tariffs by China on USsoybean as well as the European Union’s removal of anti-dumping duty on Indonesian biodiesel,” he added.


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