Hap Seng Plantations full-year revenue up

The plantation company noted the higher production costs were due to higher fertiliser and diesel costs and an increase in the minimum wage.

PETALING JAYA: Hap Seng Plantations Holdings Bhd posted a net profit of RM18.87mil for the fourth quarter ended Dec 31, 2022, as revenue fell by 21% year-on-year (y-o-y) to RM143.55mil on lower average selling price of all palm products.

Earnings for financial year 2022 fell 6% y-o-y to RM210.31mil on higher production costs. Full year revenue increased to RM814.55mil against RM670.85mil previously.

In a filing with Bursa Malaysia yesterday, the plantation company noted the higher production costs were due to higher fertiliser and diesel costs and an increase in the minimum wage.