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NewsUpdate Ta Ann 1Q profit multiplies 7.1 times to RM28.7m, declares 10 sen dividend
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Update Ta Ann 1Q profit multiplies 7.1 times to RM28.7m, declares 10 sen dividend
by Cals Tue 27 May 2014, 03:05
| Update Ta Ann 1Q profit multiplies 7.1 times to RM28.7m, declares 10 sen dividend |
| Business & Markets 2014 |
| Written by Jeffrey Tan of theedgemalaysia.com |
| Monday, 26 May 2014 18:08 KUALA LUMPUR (May 26): Ta Ann Holdings Bhd’s net profit multiplied 7.1 times to RM28.7 million in the first quarter ended March 31, 2014, from RM4.0 million a year ago. Revenue jumped 40.9% year-on-year to RM211.8 million from RM150.3 million. Ta Ann declared an interim single-tier ordinary dividend of 10 sen per ordinary share for the financial year ending Dec 31, 2014. In a statement to Bursa Malaysia, the timber and plantation firm said its net profit surge was mainly due to higher average selling prices (ASPs) for its products and higher sales volume of products that grew by 19% to 43%. The firm said the higher ASPs include the rise of export logs by 28%, plywood products by 14%, oil palm fresh fruit bundles (FFB) by 33% and crude palm oil (CPO) up 18%. “Demand for timber and timber products which picked up in the first quarter are likely to be carried forward into the second quarter,” said Ta Ann on current year prospects. “Oil palm production is expected to increase with the peak crop season approaching towards the end of the second quarter.” Ta Ann added with CPO price projected to maintain at RM2,600 per metric tonne level, a higher profit contribution is anticipated from the palm oil sector in the next quarter. |
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