TSH Resources profit up 18% in 2Q

TSH Resources profit up 18% in 2Q
Business & Markets 2013
Written by Charlotte Chong of theedgemalaysia.com
Wednesday, 21 August 2013 10:27

KUALA LUMPUR: TSH RESOURCES BHD [] posted a net profit of RM17.3 million in its second quarter (2Q) ended June 30, a climb of 18% from RM14.6 million the previous corresponding quarter.

Despite the rise in profit, it registered lower revenue of RM238.7 million, down 14.5% from RM279 million a year earlier, the company said in an announcement to Bursa Malaysia yesterday.

For its two cumulative quarters ended June 30, TSH Resources' net profit came in at RM37.2 million — an increase of 25.3% from RM29.7 million a year earlier.

Its revenue increased 2.4% year-on-year to RM518.7 million compared with RM506.4 million.

The company said the lower crude palm oil (CPO) price, for the six months of approximately RM2,240 against RM3,185 last year, was partially offset by an increase in fresh fruit bunch (FFB) production volume and better cost efficiency.

On prospects, TSH Resources said CPO prices remain subdued despite the downward trend of the inventory level in recent months.

Against a backdrop of lower CPO prices, the company plans to increase its production yield to achieve better operational margins.



This article first appeared in The Edge Financial Daily, on August 21, 2013.