hap seng plantation quarter report

本季的成绩，创下惊人跌幅，原因有4，亦即
1.为了配合31/12 ending fiscal year，本季只记两月份；
2.雨季影响收成；
3.8000公顿cpo的存货增加；
4.一如既往低于市价的cpo卖价(原本就预料的)。

Resulting from the change in financial year end as mentioned in Part A Note 2, the current quarter results was for the two months period ended 31 March 2008.
For the current period under review, the Group recorded revenue of RM45.8 million on Crude Palm Oil (CPO) sales volume of 13,252 tonnes and Palm Kernel (PK) sales volume of 4,906 tonnes. Average selling price of CPO and PK achieved were RM2,431 and RM1,995 per tonne respectively.
Generally, Group’s revenue was affected by lower CPO sales volume due to lower production of Fresh Fruit Bunches (FFB) attributable to the seasonal yield trend and changes in cropping pattern as well as delay in deliveries of CPO resulting from the wet weather conditions during the period under review. Consequent to the delay in deliveries of CPO, closing stock of CPO as at 31 March 2008 has increased by approximately 8,000 tonnes as compared to 31 January 2008.
Overall. the Group’s Profit before tax and Profit after tax for the current period was RM17.6 million and RM13.2 million respectively.
Earnings per share (EPS) attributable to the shareholders of the Company for the current period was 1.65 sen.

Group profit before tax for the current quarter at RM17.6 million was 76% lower than the preceding quarter of RM73.5 million. The lower results were mainly attributable to only two months reporting in the current quarter, lower FFB production attributable to the seasonal yield trend and changes in cropping pattern, and lower CPO sales volume due to delay in deliveries resulting from the adverse weather conditions.

对于第四点，hsplant的平均卖价为2431，目前为止的资料为swkplnt报3033，bstead报3029。可见forward sales的杀伤力。

至于hsplant少计算了多少盈利呢？这可以从存货的上升计算。前后二月存货增加了RM5758000，如果换算成税前盈利，应该是8000*(2431-720) = RM13688000。
平均成本是RM720，已经够低了，所以不可能连pk也卖不出，pk不加进。
不肯定此项预测，会不会遭受forward sales鬼合约扭曲？