Asean palm oil listcos battle revenue, profit dips on sliding CPO prices
REGIONAL palm oil players took a hit from weakening crude palm oil (CPO) prices in the first quarter of the year ended March, with several reporting a decline in revenue and net profit figures. Market watchers warned that these troubles could continue in the second half of the year, amid weaker industry dynamics.
Palm oil futures have fallen year to date, softening after a prolonged period of strength last year.
BMI, a unit of Fitch Solutions, noted that CPO prices averaged RM3,872 (S$1,135) per tonne this year as at May 19, nearly 20 per cent lower than they were at end-2022.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Asean
Domestic coffee prices rise in Vietnam, premiums up in Indonesia
Singapore’s STT GDC to co-develop US$420 million data centre in Vietnam
Indonesia at risk of higher fiscal deficits post-election: Fitch
Malaysia Airports gets take-private offer from consortium including Khazanah, EPF
Indonesia’s trade surplus soars to US$3.56 billion in April, surpassing expectations
Indonesia’s Prabowo plans to increase growth, ‘be daring’ with debt