https://links.sgx.com/FileOpen/First_Resources_-_1Q2020_Production_and_Financial_Highlights.ashx?App=Announcement& FileID=612005

Singapore, 22 May 2020 &ndash First Resources Limited (&ldquo First Resources&rdquo or the &ldquo Group&rdquo ), posted a net profit of US$22.2 million for the three months ended 31 March 2020 (&ldquo 1Q2020&rdquo ), up 80.9% against 1Q2019. EBITDA also came in stronger at US$53.7 million, 38.4% higher as compared to a year ago. The Group&rsquo s better financial results in the first quarter were boosted by the higher average selling prices in 1Q2020 as compared to 1Q2019. Notwithstanding the higher average selling prices achieved, sales dipped by 6.2% to US$140.4 million from a decline in sales volumes. Overall sales volumes were impacted by lower purchases of CPO from third parties and a net inventory build-up of 8,000 tonnes in 1Q2020, as compared to a drawdown of 17,000 tonnes in 1Q2019. Equity attributable to owners of the Company decreased by 19.6% from US$1,044.3 million as at 31 December 2019 to US$839.2 million as at 31 March 2020, mainly due to the foreign currency translation losses arising from the depreciation of Indonesian Rupiah against United States Dollar during the quarter. The Group&rsquo s financial position remains healthy with net gearing ratio at 0.31 times and cash and bank balances of US$103.9 million as at 31 March 2020. In addition, the Group has undrawn committed unsecured credit facilities available of US$330.0 million, which can be used for the partial or full refinancing of the Islamic medium term notes due in June 2020 as well as the Group&rsquo s general corporate purposes.