First Resources said its second-quarter net profit fell 31% on the year to $26.1 million, blaming lower selling prices of crude palm oil and its refined products.
The company, which operates oil palm plantations and refineries in Indonesia, said sales volumes of crude palm oil rose 6.7% during the quarter ended June 30, but the value of sales fell 17.9%.
The benchmark Malaysia palm oil contract on the Bursa Malaysia Derivatives Exchange traded largely above the levels a year earlier during the second quarter, but First Resources said its prior year performance was boosted by higher average selling prices due to forward sales.
The decrease in net profit was further weighed by losses on foreign exchange, which more than doubled on a year earlier.
The company declared an interim dividend of 1.25 cents, unchanged on a year earlier.
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