Friday 29 Mar 2024
By
main news image

This article first appeared in The Edge Financial Daily on May 24, 2018

KUALA LUMPUR: Despite selling more crude palm oil (CPO) and palm kernel (PK), TSH Resources Bhd’s net profit tumbled 39.07% to RM17.82 million in its first quarter of financial year 2018 (1QFY18) ended March 31, 2018, from RM29.25 million a year ago owing to lower CPO and PK prices.

“Average CPO and PK prices for 1QFY18 declined to RM2,316 per tonne and RM2,043 per tonne,” the Sabah-based planter said in a filing with Bursa Malaysia, from RM2,985 per tonne, and RM 2,981 per tonne, respectively, in 1QFY17.

Pre-tax profit declined to RM28.3 million from RM43.2 million in the corresponding period last year despite a 21.8% increase in fresh fruit bunch production.

The group reported a reduce in core profit for 1QFY18 to RM17 million from RM35.3 million, while its revenue was flat at RM226.13 million against RM228.50 million in 1QFY17.

Moving forward, TSH Resources expects its crop production to increase this year because of better age profile and more planted areas reaching into maturity and harvesting stage.

The group is optimistic about the industry’s longer-term outlook, because of higher per capita income and population growth plus palm oil’s healthy qualities.

      Print
      Text Size
      Share