Chin Teck Q1 pre-tax profit slips to RM11.6m

KUALA LUMPUR, Jan 30 – Chin Teck Plantations Bhd’s pre-tax profit for the first quarter ended Nov 30, 2012 fell to RM11.582 million from RM19.940 million in the previous corresponding period.

In an announcement to Bursa Malaysia, the company said revenue decreased to RM29.614 million in the period from RM32.467 million in same quarter in 2011.

The group said its financial performance for 2013 will be affected by the volatility in the selling prices of fresh fruit bunches (FFB), crude palm oil (CPO) and palm kernel.

Since the end of the previous financial year, the selling prices of FFB, CPO and palm kernel had weakened and should they remained weak, this would affect the company’s financial performance for 2013, it added. – Bernama