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TSH Resources pre-tax profit surges to RM76.1 mln in Q3

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TSH Resources pre-tax profit surges to RM76.1 mln in Q3 Empty TSH Resources pre-tax profit surges to RM76.1 mln in Q3

Post by Cals Tue 19 Nov 2013, 21:34

TSH Resources pre-tax profit surges to RM76.1 mln in Q3
Business & Markets 2013
Written by Bernama   
Tuesday, 19 November 2013 18:39
KUALA LUMPUR (Nov 19): Sabah-based TSH Resources Bhd chalked up a 250 per cent increase in pre-tax profit to RM76.1 million, for the third quarter ended Sept 30, 2013, against RM21.8 million posted in the same period last year.

The better results was attributed to higher crop production and the gains accrued from the disposal of investment securities in Pontian United Plantation Bhd, said TSH in a statement.

The company improved its efficiency operationally, by increasing gross profit margin to 32.4 per cent in the quarter reviewed, despite lower average crude palm oil prices.

Going forward, Chairman Datuk Kelvin Tan said THS was optimistic of the long-term prospects of the palm oil industry. 

He said the current improved crude palm oil  (CPO) prices, due to concerns over lower output and inventory levels, would augur well for the company.

The expectation of new requirements for biodiesel to use seven per cent palm oil in Malaysia, tightening of biodiesel mandate to cut gas/oil imports in Indonesia, and other favorable demand and supply conditions would also contribute to better CPO prices.

"We expect our fresh fruit bunches production to increase significantly in 2013. We believe our company can achieve improved profits in the coming quarters," he added.
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