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Annual Report 2017

33

MANAGEMENT DISCUSSION

AND ANALYSIS

Profitability

Profit Before Tax

(“PBT”) for FYE2017was

RM84.67 million compared with RM111.67

million for FYE2016, a decline of 24.2% or

RM27.00 million. The decrease in Group

PBT was mainly due to an impairment

loss amounting to RM29.37 million

related to property, plant and equipment

and biological asset. Manufacturing

Division’s improved PBT was due to

lower depreciation costs and favourable

sales mix from high margin products.

Without the impairment losses, the

Group’s PBT would be RM114.04 million,

an improvement of 2.1% compared to last

year.

Share of profits of associates

increased

by 71.3% to RM2.86 million compared to

RM1.67 million last year on the back of

stronger contributions from Giesecke &

Devrient Malaysia Sdn Bhd and Marushin

Canneries (Malaysia) Sdn Bhd.

Revenue

2017 Contribution

2016 Contribution

Variance

Variance

RM million

% RM million

% RM million

%

Manufacturing

233.35

42.6

266.68

49.3

(33.33)

(12.5)

Plantation

146.87

26.8

112.63

20.8

34.24

30.4

Bulking

47.46

8.7

67.45

12.5

(19.99)

(29.6)

Food

114.26

20.9

88.42

16.3

25.84

29.2

Others

5.27

1.0

5.93

1.1

(0.66)

(11.1)

Group Results

547.21

100.0

541.11

100.0

6.10

1.1

Group Profit Before Tax

2017 Contribution

2016 Contribution

Variance

Variance

RM million

% RM million

% RM million

%

Manufacturing

59.61

70.4

54.01

48.4

5.60

10.4

Plantation

(5.96)

(7.0)

14.78

13.2

(20.74)

(140.3)

Bulking

20.00

23.6

38.88

34.8

(18.88)

(48.6)

Food

6.52

7.7

4.72

4.2

1.80

38.1

Others

1.64

1.9

(2.39)

(2.1)

4.03

168.6

Associate companies

2.86

3.4

1.67

1.5

1.19

71.3

Group Profit Before Tax

84.67

100.0

111.67

100.0

(27.0)

(24.2)