Kencana reported a 110% jump in revenue from US$22.9 million ($28.5 million) in 1Q2010 to US$48.0 million for for the first quarter ended 31 March 2011 (1Q2011).
The increase was mainly due to higher sales volume and higher average selling prices (ASP) of both Crude Palm Oil and Crude Palm Kernel Oil.
The Average Selling Price of CPO increased from US$720 in 1Q2010 to US$970 in 1Q2011, and ASP of CPKO increased from US$890 in 1Q2010 to US$1,700 in 1Q2011. In 1Q2011, CPO sales volume increased by 67.9% to 39,929 tonnes while CPKO sales volume was 2,193 tonnes.
As a result of higher revenue achieved in 1Q2011, Kencana reported an operating profit of US$8.3 million which is a 133% increase from US$3.6 million in 1Q2010. Correspondingly, net profit after tax rose 128% from US$2.0 million to US$4.6 million.
Earnings per share for 1Q2011 was 0.40 US cents.
