Friday, June 25, 2010

Subur Tiasa 3Q profit up 84% YoY

KUALA LUMPUR: SUBUR TIASA HOLDINGS BHD [] posted stronger earnings with net profit for the third quarter ended April 30, 2010 (3QFY10) surging 84% to RM10.43 million from RM5.68 million a year ago.

It said on Friday, June 25 revenue rose 4.8% to RM164.12 million from RM156.69 million previously while earnings per share (EPS) stood at 5.55 sen versus 3.01 sen. The board did not declare any dividend for 3QFY10.

For the nine months ended April 30, 2010, Subur Tiasa's net profit jumped 161% to RM23.83 million from RM9.12 million the same period last year mainly due to higher profit derived from the forest and plywood operations resulting from increased in export sales volume for logs and average selling price for plywood respectively.

Revenue rose 25% to RM510.79 million from RM409.02 million a year ago mainly attributable to higher export sales volume for logs and particleboard. EPS was higher at 12.66 sen versus 4.83 sen previously.

On its prospects, Subur Tiasa said the market outlook for the timber market was expected to be positive with firm demand for logs in India and China in lined with the expansion in their infrastructure and housing sectors.

"The group will continue to implement appropriate measures and plans to improve efficiencies and effectiveness of its business operations, concurrent with strengthened marketing strategies," it added.

Its share price added one sen to close at RM2.03. Its net asset per share stood at RM3.19 as at April 30.

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