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KUALA LUMPUR: Plantation company TSH Resources Bhd posted impressive figures in the first quarter ended March 31, 2014, with earnings soaring 162% year-on-year to RM52.2mil from MR19.9mil on the back of better crop yield, higher CPO (crude palm oil) prices and improved margins.
Revenue was up 2.3% at RM287.1mil from RM280.6mil previously, while profit before tax rose 178% to RM72.9mil from RM26.2mil.
TSH earned 5.82 sen per share in the quarter compared to 2.39 sen in the same quarter a year ago.
According to the company, apart from better crop and higher CPO prices, the improved performance was also attributable to unrealised exchange gain from the strengthening of the ringgit and rupiah against the dollar.
Its palm and bio-integration business saw FFB (fresh fruit bunch) production grow 21% while average CPO price was RM2,543 compared to RM2,159 in Q1 2013. In addition, lower production costs and operational efficiency helped to improve margins with operating profit in the segment surging 119%.
However, the wood product and reforestation segment posted lower revenue and profit from lower exports and delays in commencement of domestic projects.
TSH is bullish on its prospects in the coming quarters.
“With FFB production expected to increase significantly in 2014, the group can expect to achieve improved profit in the coming quarters,” it said.
“The board remains optimistic on the long-term prospect of the palm oil industry and will continue to focus on oil palm planting programme in Indonesia while also expanding its plantation land in Malaysia,” the company said in its filing with Bursa Malaysia.
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