First Resources Limited reported production results for the month, fourth Quarter and twelve months ended December 2017. For the month, the company reported FFB harvested of 273,000 tonnes. FFB purchased was 21,000 tonnes. Crude palm oil was 65,000 tonnes. Palm Kernel was 16,000 tonnes.

For the fourth quarter, the company reported FFB harvested of 885,617 tonnes compared to 863,143 tonnes a year ago. FFB purchased was 62,116 tonnes compared to 76,496 tonnes a year ago. Crude Palm Oil was 203,383 tonnes compared to 205,534 tonnes a year ago. Palm Kernel was 51,203 tonnes compared to 49,236 tonnes a year ago.

For the twelve months, the company reported FFB harvested of 3,037,842 tonnes compared to 2,661,554 tonnes a year ago. FFB purchased was 236,566 tonnes compared to 253,148 tonnes a year ago. Crude Palm Oil was 702,368 tonnes compared to 634,941 tonnes a year ago. Palm Kernel was 170,664 tonnes compared to 148,270 tonnes a year ago.

The company announced unaudited group earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported sales of USD 180,790,000 as compared to USD 175,224,000 a year ago. Profit from operations was USD 59,803,000 as compared to USD 87,647,000 a year ago. Profit before tax was USD 54,603,000 as compared to USD 81,424,000 a year ago. Profit attributable to Owners of the Company was USD 34,163,000 as compared to USD 58,028,000 a year ago. EBITDA was USD 78,246,000 as compared to USD 91,391,000 a year ago. Underlying net profit attributable to Owners of the Company was USD 35,950,000 as compared to USD 48,141,000 a year ago. Net cash generated from operating activities was USD 66,916,000 as compared to USD 60,716,000 a year ago. Capital expenditure on bearer plants was USD 10,954,000 as compared to USD 10,115,000 a year ago. Capital expenditure on property, plant and equipment was USD 14,519,000 as compared to USD 9,056,000 a year ago. Diluted and basic earnings per share were 2.16 cents as compared to 3.66 cents a year ago. Additions to land use rights were USD 11,237,000 compared to USD 217,000 a year ago. Net asset value per ordinary share as of December 31, 2017 was USD 0.61.

For the full year, the company reported sales of USD 646,989,000 as compared to USD 575,234,000 a year ago. Profit from operations was USD 226,923,000 as compared to USD 207,705,000 a year ago. Profit before tax was USD 208,879,000 as compared to USD 183,072,000 a year ago. Profit attributable to Owners of the Company was USD 137,700,000 as compared to USD 125,373,000 a year ago. EBITDA was USD 292,130,000 as compared to USD 251,345,000 a year ago. Underlying net profit attributable to Owners of the Company was USD 139,487,000 as compared to USD 115,486,000 a year ago. Net cash generated from operating activities was USD 231,690,000 as compared to USD 186,616,000 a year ago. Capital expenditure on bearer plants was USD 37,466,000 as compared to USD 44,070,000 a year ago. Capital expenditure on property, plant and equipment was USD 47,370,000 as compared to USD 28,094,000 a year ago. Diluted and basic earnings per share were 8.69 cents as compared to 7.91 cents a year ago. Additions to land use rights was USD 11,384,000 compared to USD 893,000 a year ago.

The company provided production and earnings results guidance for the year 2018. The company anticipates its production volume growth to extend into 2018 from continued yield recovery and contribution from newly mature plantations. While higher industry production and competition from other edible oils are expected to influence palm oil prices, improving crude oil prices and potential domestic demand growth from Indonesia's biodiesel mandate may lend some support to prices.

The Group's effective tax rate in 2018 is expected to be higher due to the effects of withholding tax expense payable on the increased dividend income to be received by the Company from its foreign subsidiaries.