KL Kepong released is Q1 FY2024 financial report with revenue dipping to RM5.63 billion compared to RM6.7 billion the group recorded in the previous quarter, profit before taxation dipped 38.5% to RM366.2 million (1QFY2023:profit RM595.4 million) with lower revenue.
Profit after tax also suffered, registering RM226 million as compared to RM466 million it reported in Q1 2023.
The main drop it said was from manufacturing where profit fell sharply by 90.1% to RM25.3 million (1QFY2023: profit RM254.4 million) with revenue declined by 18.9% to RM4.477 billion (1QFY2023: RM5.522 billion). The decline in profit was mainly attributable to loss incurred by the Oleochemical division which was impacted by eroded profit margin.
The groups investment unit reported a loss of RM39.4 million (1QFY2023: profit RM26.5 million) mainly caused by lower profit from Farming sector of RM7.6 million (1QFY2023: profit RM62.7 million) which was attributable to decline in sales volume of crop due to adverse weather conditions that affected crop production.
