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.