First Resources: 4Q11 net profit came in at US$196m (+37% YoY). Stripping aside gains in fair value of its biological assets, core net profit was 55% higher at US$168m; inline with expectations but slightly above consensus.
Earnings were boosted mainly by higher sales volume of CPO (+10% YoY), and higher CPO ASP (+23% YoY), underpinned by higher FFB production (+19% YoY) Grp has proposed a final DPS of 2.5 cents (total DPS for 2011: 3.5 cents). Going forward, grp remains positive on prospects, tipping its young average tree profile of 8 years to drive earnings.
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