First Resources' net profit plunges 73.8% YoY to US$19.3m in Q1

The company's profitability moderated amidst record-high palm oil prices.

SGX-listed First Resources Limited (First Resources)'s net profit nosedived in Q123, falling 73.8% year-on-year (YoY) to US$19.3m.

In its bourse filing, the company attributed the decrease to "record high palm oil prices seen in 2022."

The company's sales and earnings before interest, taxes, depreciation and amortisation (EBITDA) likewise fell in Q1, dropping 34.7% YoY to US$198.2m and 55.3% YoY to US$55.1m, respectively.

Despite the drop in NPI, the equity attributable to owners of the company rose 7.2% YoY to US$1,309.7m.

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