First Resources H1 profit up 47.8% on stronger palm oil prices

INDONESIAN palm oil producer First Resources posted a 47.8 per cent rise in net profit to US$43.2 million for the half year ended June 30, 2020, from S$29.3 million a year ago.

This was mainly due to higher average selling prices for its crude palm oil and refined products, the mainboard-listed firm said in a regulatory filing on Friday morning.

Earnings per share came in at 2.73 US cents, up from 1.85 US cents in the preceding year.

Revenue for H1 2020 fell 5.1 per cent to US$278.2 million, from US$293 million a year earlier. This was primarily due to the lower sales volumes of its palm-based products, First Resources said.

An interim dividend of one Singapore cent per share was declared for the half year, up from 0.625 Singapore cent a year ago. This dividend will be paid on Sept 10, following books closure on Sept 4.

Shares in First Resources closed at S$1.42 on Thursday, up S$0.03 or 2.2 per cent.