TSH 1Q profit up 32% yoy on higher CPO output

Business & Markets 2013
Written by Ho Wah Foon
Monday, 20 May 2013 19:03
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KUALA LUMPUR (May 20): TSH RESOURCES BHD [] reported a net
profit of RM19.9 million for the first quarter ended March 2013, up 32%
year on year, despite depressed crude palm oil prices.
For the current quarter, the group registered a higher revenue of
RM280.1 million, compared to RM227.4 million for the corresponding
first quarter.
The higher profit was attributed mainly to a good performance in the
palm & bio-integration segment and a higher share of profit in jointly
controlled entities, the PLANTATION [] company told Bursa Malaysia.
FFB production rose 43% to 129,055 metric tonnes in 1Q, 2013,
compared to 89,963 in 1Q, 2012, the company elaborated in its review
of results.
CPO production also increased by 25% from 62,227 metric tonnes to
77,480 metric tonnes due to vastly improved plant capacity utilization, it
added.
On prospects, TSH said with more young plantation areas coming into
full maturity and achieving peak yield age, FFB production is expected
to increase significantly in 2013.
Additionally the increasing yield trend of the group’s plantation will
further reduce unit cost of production.
“Consequently, the group can expect to achieve improved profit in the coming quarter,” it said.