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.
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