Dry fruit production to hurt First Resources earnings

Its net profit could be down to $29m.

The past quarter was particularly arid and bare for First Resources' fresh fruit bunch segment.

According to UOB Kay Hian analysts Leow Huey Chuen and Ooi Mong Huey, the agri-player's recent quarterly earnings could have performed weaker on a QoQ basis.

"We forecast 2Q17 core net profit of US$29m-33m (1Q17: US$46m, 2Q16: US$25m)," the analysts said.

For the past quarter, FFB production was flat and marginally weaker particularly in June due to fewer harvesting days due to the Hari Raya holidays.

Meanwhile, refining volume could also be lower QoQ due to lower biodiesel sales to Pertamina.

"However, this will partly be mitigated by better refining margins QoQ," the two said.

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