TDM 3Q profit plunges 69% yoy to RM13m

by **Cals** Thu 28 Nov 2013, 18:39

Business & Markets 2013

Written by Jeffrey Tan of theedgemalaysia.com

Thursday, 28 November 2013 18:15

KUALA LUMPUR (Nov 28): TDM Bhd’s net profit plunged 69% year-on-year (y-o-y) to RM13 million in the third quarter ended Sept 30, 2013, from RM40 million a year ago.

Revenue also fell 24% y-o-y to RM101 million from RM133 million.

In a statement to Bursa Malaysia, the palm oil player and healthcare service provider said the poorer profit was due to lower profit of RM34.6 million or 67% y-o-y from its plantation division.

This is despite a higher profit and revenue posted by its healthcare division due to higher number of inpatient days by 10% from improved hospital case-mix of patient.

For the nine-month period, profit earned RM21 million from RM67 million a year earlier, while revenue generated RM272 million versus RM328 million in the previous corresponding period.

TDM said its plantation division registered lower profit and revenue by 71% and 25% respectively, compared to the same period last year. This was due to lower average price of CPO and PK by 26% and 32% respectively and other reasons.

The firm however said its healthcare division recorded higher revenue and profit by 8% and 39% respectively compared to the same period last year.

These were due to higher number of inpatient days by 10% from improved hospital case-mix of patients, improved performance of TDMC Hospital and a payable written back of RM1.5 million.

Going forward, TDM said the group remains positive on the long term fundamentals of the industry and expects FY13 performance to remain satisfactory.