https://links.sgx.com/FileOpen/First_Resources_-_1Q2020_Production_and_Financial_Highlights.ashx?App=Announcement& FileID=612005

Singapore, 22 May 2020 &ndash First Resources Limited (&ldquo First Resources&rdquo or the &ldquo Group&rdquo ), posted a net profit of US$22.2 million for the three months ended 31 March 2020 (&ldquo 1Q2020&rdquo ), up 80.9% against 1Q2019. EBITDA also came in stronger at US$53.7 million, 38.4% higher as compared to a year ago. The Group&rsquo s better financial results in the first quarter were boosted by the higher average selling prices in 1Q2020 as compared to 1Q2019. Notwithstanding the higher average selling prices achieved, sales dipped by 6.2% to US$140.4 million from a decline in sales volumes. Overall sales volumes were impacted by lower purchases of CPO from third parties and a net inventory build-up of 8,000 tonnes in 1Q2020, as compared to a drawdown of 17,000 tonnes in 1Q2019. Equity attributable to owners of the Company decreased by 19.6% from US$1,044.3 million as at 31 December 2019 to US$839.2 million as at 31 March 2020, mainly due to the foreign currency translation losses arising from the depreciation of Indonesian Rupiah against United States Dollar during the quarter. The Group&rsquo s financial position remains healthy with net gearing ratio at 0.31 times and cash and bank balances of US$103.9 million as at 31 March 2020. In addition, the Group has undrawn committed unsecured credit facilities available of US$330.0 million, which can be used for the partial or full refinancing of the Islamic medium term notes due in June 2020 as well as the Group&rsquo s general corporate purposes. 

 

 

On May 6, FMR LLC increased its deemed interest in First Resources above the 6 per cent threshold, from 5.98 per cent to 6.10 per cent. FMR LLC' s interests in the securities of First Resources are currently entirely deemed interests.

 

FMR LLC is deemed to have interests in the securities of First Resources because such securities are held by funds and/or accounts managed by one or more FMR LLC' s direct and indirect subsidiaries, which are fund managers.

 

The married deal involved a purchase of 1,997,300 shares of First Resources for a consideration of S$2,436,706 at an average price of S$1.22 per share.

 

Fidelity Management & Research Company LLC is also deemed interested in the shares of First Resources in its capacity as investment adviser of various funds and accounts.

 

Fidelity Management & Research Company LLC is a wholly-owned subsidiary of FMR LLC, and the married deal saw its deemed interest in First Resources increase from 5.19 per cent to 5.30 per cent.

 

Fidelity Management & Research Company LLC' s deemed interest in First Resources crossed the 5 per cent substantial shareholder threshold on April 30, 2020.

 

Established in 1992, First Resources is one of the leading palm oil producers in the region, managing over 200,000 hectares of oil palm plantations across the Riau, East Kalimantan and West Kalimantan provinces of Indonesia.

 

The group is also committed to the production of sustainable palm oil, with a sustainability strategy centred on maximising output while minimising adverse environmental and social impact from its operations.