SINGAPORE (Feb 26): First Resources, the Indonesia-based palm oil producer, reported full-year earnings rose 9.8% to US$139.5 million ($183.9 million) from a year ago while underlying net profit rose 20.8% to US$139.5 million in FY17. This came on the back of a 12.5% growth in sales to US$647.0 million.
The improved topline performance in FY17 was largely boosted by stronger sales volumes and higher average selling prices of both crude palm oil (CPO) and refined products as compared to the same period in FY16.
Correspondingly, the group’s EBITDA rose 16.2% to US$292.1 million in FY17. Plantations and Palm Oil Mills contributed 5.9% higher EBITDA of US$272 million while Refinery and Processing returned to profitability with EBITDA of US$18.6 million.