SINGAPORE (May 22): First Resources has reported an 80.9% surge y-o-y in its 1Q20 earnings (or net profit) to US$22.2 million (S$31.4 million) from the US$12.3 million in 1Q19.

The growth was attributed to the higher average selling prices in 1Q20 compared to 1Q19, despite the impact on crude palm oil (CPO) prices, which fell over 30% from its peak in January.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 38.4% y-o-y to US$53.7 million.

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