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Jaya Tiasa 1Q profit at RM19m on higher timber prices

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Jaya Tiasa 1Q profit at RM19m on higher timber prices Empty Jaya Tiasa 1Q profit at RM19m on higher timber prices

Post by Cals Thu 28 Nov 2013, 18:32

Jaya Tiasa 1Q profit at RM19m on higher timber prices
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com   
Thursday, 28 November 2013 17:44
KUALA LUMPUR (Nov 28): Jaya Tiasa Holdings Bhd said it posted a net profit of RM19.1 million for the first quarter to September 2013, up from RM14.5 million a year ago, due mainly to higher timber and log prices.

But revenue netted fell by 10.5% to RM245.5 million, compared with RM274.3 million a year ago.

The company said lower revenue was mainly due to 29% and 15% fall in logs and plywood sales volume respectively, and 22% and 27% reduction in fresh fruit bunches (FFB) and crude palm oil (CPO) average selling prices respectively.

Higher profit was contributed by 17% and 12% increase in logs and plywood average selling prices respectively.

On outlook, it said the average selling prices and demand for timber products are expected to sustain in view of the improvement in the global economic outlook for 2014 coupled with the anticipated increase in demand for wood products from Japan in preparation for its hosting of 2020 Olympics.

“The Malaysian government’s effort to increase the biodiesel blend from “B5” to “B7” and the ambition of the Indonesian government to increase usage of CPO in the biodiesel will provide stability to the CPO prices and positive outlook for the oil palm segment,” it said in its filing with Bursa.
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