SINGAPORE (Nov 14): Analyst remain sanguine on First Resources, despite the palm oil producer posting a set of results for 3Q19 that looked fairly dismal – on the surface at least.
While First Resources registered declines across several key financial metrics during the quarter, market watchers are quick to note that the latest set of results has still exceeded expectations. And the analysts believe the group is well on track to achieve full year estimates.
First Resources saw its earnings for the quarter fall 28.5% to US$27.9 million ($38.0 million), from US$39.0 million a year ago. Sales for the quarter came in 19.7% lower y-o-y at US$137.6 million.
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