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Global Palm Resources expects higher Q2 profit; Anchun sees Q2 loss
GLOBAL Palm Resources Holdings expects a Q2 net profit which is "substantially higher" than that of the quarter ended June 30, 2015. This follows a preliminary review of the unaudited financial statements for the quarter ended June 30, 2016.
The higher net profit year-on-year is primarily attributable to the increase in the sales volume and average selling price of crude palm oil and palm kernel, as well as the appreciation of the Indonesian rupiah against the Singapore dollar, the company said.
The company and its subsidiaries are still in the process of finalising its unaudited financial results for Q2 2016.
Anchun International Holdings Limited, together with its subsidiary, Hunan Anchun Advanced Technology Co Ltd, expects to incur a loss in Q2 2016.
The fall in revenue for Q2 2016 was caused by ongoing macroeconomic structural reforms in China, and the worldwide low oil and gas prices and basic chemical prices, including methanol and urea, resulting in some of the group's customers delaying delivery of finished goods ordered, as well as postponing new investment projects.
Further details for the performance of both companies will be disclosed in their unaudited financial statements announcements for Q2 2016, which are expected to be released by Aug 12.