First Resources has reported underlying net profit of US$52.8 million ($71.4 million) for the 3QFY2021 ended September, an increase of 44.9% from the previous year.
The higher underlying net profit follows an 89.2% surge in sales to US$314.2 million for 3QFY2021, driven by higher average selling prices and stronger sales volume, which was also contributed by a net inventory drawdown of 48,000 tonnes in 3Q2021 as compared to a net build-up of 5,000 tonnes in 3Q2020.
EBITDA grew 52.4% y-o-y to $108.8 million for the 3QFY2021. Both EBITDA and underlying net profit continue to reflect the impact of higher export taxes from the progressive export levy structure implemented in Indonesia since December 2020.
For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)