KUALA LUMPUR, May 22 – Sime Darby Plantation Bhd’s (SD Plantation)\u00a0net profit rose\u00a0to RM394\u00a0million in the first quarter ended March 31, 2020 (Q1 2020) from RM90\u00a0million in\u00a0Q1 2019.<\/p>\n
Revenue improved\u00a0to\u00a0RM3.04 billion from RM2.99 billion previously.<\/p>\n
In a filing with Bursa Malaysia today, the company attributed its\u00a0performance to higher contributions from both upstream and Sime Darby Oils\u00a0(downstream) operations and lower financing costs.<\/p>\n
\u201cWith our continuous drive to improve operational efficiencies and reduce costs, SD\u00a0Plantation has been able to capitalise on the industry\u2019s brief respite from low crude palm oil (CPO)\u00a0and palm kernel (PK) prices to record satisfactory results for Q1 2020.<\/p>\n<\/div>\n
\u201cHowever, the group remains\u00a0cognisant that it will continue to face a challenging environment as countries around the\u00a0world grapple with the spread of the COVID-19 virus and manage the economic repercussions\u00a0of the pandemic,\u201d said chairman Tan Sri Abdul\u00a0Ghani Othman.<\/p>\n
Being a key ingredient for both food and non-food products,\u00a0the demand\u00a0for palm oil would remain intact in the long term, he said.<\/p>\n<\/div>\n
The group also believed that its\u00a0focus on value\u00a0creation strategy and prudent cost management would continue to place its operations and finances in a satisfactory position to weather the challenges ahead.<\/p>\n<\/div>\n
Meanwhile, it had\u00a0also assessed the\u00a0COVID-19 pandemic\u2019s potential impact on its operations and financial performance, including\u00a0rising risks of customers deferring or\u00a0defaulting on contracts, customer credit risks and volatility from foreign exchange\u00a0fluctuations.<\/p>\n
On its outlook, it said the group\u2019s performance for FY2020 ending Dec 31,\u00a02020 would be impacted by the volatility of CPO and PK prices and impediment to\u00a0operations, should a prolonged or worsening pandemic continue to affect global business\u00a0activities.<\/p>\n<\/div>\n
– BERNAMA<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
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