PLS 9695 Share Price

Earnings for FYE 2023 slipped into red with a pre-tax loss of RM37.6 million as compared to a pre-tax profit of RM49.9 million reported in the previous financial year ended 30 June 2022 as the Group was burdened by one-off impairments and write-offs amounting to RM26.7 million of which RM16.7 million is linked to the goodwill on acquisition of Dulai. Oil palm business will continue to be the core breadwinner of the Group as we remained cautiously optimistic as the protracted Russia-Ukraine conflict may continue to disrupt global supply chain and trigger uncertainties in the international market for edible oils. The first harvest from cultivation of banana is envisaged in 2025. In the meantime, the Group will continue to pursue joint ventures in other cash crops (such as pineapple), aquaculture and animal husbandry in line with the key agenda of national food security.

The Group reported a lower profit before tax (PBT) of RM4.8 million as compared to RM16.1 million in the immediate preceding quarter. million. The decrease in the profit before tax in the current quarter were due to higher operation and maintenance costs in plantation segment as prices increased in fuel and planting materials, provision of doubtful debts under manufacturing and trading segment and impairment of right of use asset on bearer plants under plantation segment

The Group reported a higher revenue to RM57.3 million from RM49.8 million and registered a profit before tax of RM14.0 million as compared to RM15.0 million in the immediate preceding quarter. The increase in the revenue for this current quarter were mainly attributable to the higher sales contribution from the oil palm, sales for the frozen durian products generated from durian stock piling under manufacturing and trading segment, and the contribution from the construction segment from the awarded project in the previous financial period. There was a write off in oil palm development cost of approximately RM2.9 million due to adjustment made on the number of oil palm trees planted based on drone census in current quarter

The Group registered a pre-tax profit of RM24.1 million as compared to a pre-tax loss of RM8.5 million reported for financial year 31 March 2020. The increase was mainly attributed to the improved contribution made from the sales of Fresh Fruit Bunches due to higher average selling price realised under the plantation segment, besides contribution from the sales of frozen durian products under the trading segment to overseas customers especially in China. The Group is still resilient with expectation of increasing yield from young palms maturity areas with more FFB harvested coupled with durian business contribution from new acquisition and contract farming leases on durian farms would cushion such challenges ahead.

The Group reported a increase in revenue to RM21.9 million as compared to RM21.5 million in the preceding quarter. The Group also registered a profit before tax of RM4.0 million as compared with a loss before tax of RM8.6 million in the immediate preceding quarter. The increase in the revenue and profit before tax were mainly due to the contribution made from oil palm plantation in plantation division.

In Financial Year End 2019, the directors’ remuneration was 1.44 million. It was fair compared to average in listed companies, considering the employees’ remuneration of 17.7 million and auditor’s remuneration of 111 thousands