First Resources' net profit up 29.2% to $53.6m

Sales from refinery and processing segment sweetened its earnings.

First Resources called 3Q16 a good quarter after recording a 29.2% increase in net profit to $53.6m (US$38.3m). According to the group, this was boosted by the improvement in average selling prices and higher sales columes.

The group's sales increased by 40.6% to US$151.5 million in 3Q2016, mainly due to higher sales volumes from the Refinery and Processing segment. The said segment earned over US$122.5m, up 45.8% from US$84m. Sales volume from the segment ballooned 35.7% to 186,149 tonnes.

Meanwhile, the group's cost of sales registered a 69.5% uptick in 3Q16 to US$71m, due to the effects from inventory drawdown and increased purchases of palm oil products from third parties.

Overall, the group claimed they have already overcome the effects of El Niño that badgered its production for the first half of the year.

"The Group saw less pronounced declines in production volumes in 3Q2016 as compared to 1H2016 as the El Nino impact gradually tapers off. While the Group’s young plantation maturity profile continues to support production output, overall volume for 2016 is still expected to be lower than 2015 due to the adverse impact of El Nino in 2015," the group said.

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