Cepatwawasan’s Q2 net profit plunges 60.4%

PETALING JAYA: Investment holding company Cepatwawasan Group Bhd saw its net profit plunge 60.4% to RM3.27 million from RM8.26 million in the previous corresponding quarter, due to lower prices of crude palm oil (CPO) and palm kernel (PK) by 14% and 25% respectively.
Its revenue also decreased by 21% to RM53.98 million, compared with RM68.3 million previously, due to the same reasons.
The group operates the plantation and mill division, which includes cultivation and sale of crude palm oil, palm kernel, sales of earth and stones and fresh fruit bunches (FFB).
For the six months period, its net profit slumped 54% to RM6.57 million from RM14.33 million in 2014, on the back of lower CPO and PK prices by 13% and 17% respectively and a 11% decrease in FFB production.
Revenue for the same period also fell to RM96.41 million, compared with the previous year at RM119.14 million.
However, commenting on its prospects for 2015, the group is confident that it will continue to perform satisfactorily in view that the CPO and PK prices have recently stabilized to around RM2,200 and RM1,500 per metric tonne respectively.
The counter closed higher 0.64% or 0.01 sen at 0.79 sen yesterday, with some 9,000 shares traded.