First Resources Limited announced group unaudited earnings results for the first quarter March 31, 2018. For the quarter the company reported sales of USD 135,559,000 against USD 194,146,000 for the same quarter a year ago. Profit from operations was USD 43,330,000 against USD 72,103,000 for the same quarter a year ago. Profit before tax was USD 40,699,000 against USD 68,299,000 for the same quarter a year ago. Profit attributable to owners of the company was USD 27,730,000 or 1.75 cents per basic and diluted share against USD 48,481,000 or 3.06 cents per basic and diluted share for the same quarter a year ago. EBITDA was USD 60,000,000 against USD 87,573,000 for the same quarter a year ago. Net cash generated from operating activities of USD 45,153,000 against USD 65,837,000 for the same quarter a year ago. Capital expenditure on bearer plants of USD 5,387,000 against USD 12,913,000 for the same quarter a year ago. Capital expenditure on property, plant and equipment were USD 7,806,000 against USD 8,325,000 for the same quarter a year ago. Sales decreased by 30.2%, reflecting the combined effects of lower sales volumes and average selling prices. The group's EBITDA decreased by 31.5%, mainly due to the effects of inventory build-up and lower average selling prices.

The Group expects its effective tax rate in the second quarter of 2018 to be higher due to the effects of withholding tax expense payable on the increased income to be received by the company from its foreign subsidiaries, which will be used to fund the fiscal year 2017 special dividend and the partial prepayment of the company's indebtedness.