First Resources’ FY2023 net profit declines 55.3% y-o-y to US$145.4 mil on softer CPO prices

First Resources has recorded a net profit of US$145.4 million ($195.69 million) in its FY2023 ended December, a 55.3% decline against FY2022 with 52.6% decrease in profit from operations to US$198.1 million.

The company’s financial performance in FY2023 was impacted by weaker palm oil prices, with average crude palm oil (CPO) prices on a free-on-board Belawan basis declining from its historic high of US$1,239 per tonne in previous fiscal year to US$900 per tonne in FY2023.