KUALA LUMPUR: JAYA TIASA HOLDINGS BHD [] net profit for the second quarter ended Oct 31, 2010 surged nine-fold to RM30.08 million from RM3.24 million a year ago on higher profit margin from log sales, increase in sales volume and average selling price of fresh fruit bunches as well as doubling of crude palm oil sales volume.
Its revenue for the quarter rose 7% to RM192.21 million from RM180.42 million. Earnings per share was 11.27 sen while net assets per share was RM4.31.
For the six months ended Oct 31, Jaya Tiasa posted net profit RM52.53 million compared to RM3.92 million in 2009, on the back of revenue RM377.74 million.
The company said on Monday, Dec 20 that the better results in revenue and pre-tax profit were mainly due to higher profit margin from logs sales with 23% increase in average selling price; better proceed from plywood sales as a result of 17% increase in sales volume; 53% increase in sales volume and 29% improvement in average selling price of fresh fruit bunch; and more than double in volume with 16% higher in crude palm oil average selling price.
On its prospects, the company said the outlook for the timber market was expected to remain firm with improved demand from emerging economies, such as India and China.
'However, the challenges faced by the timber industry are expected to continue due to uncertainty in the recovery of the US and European economies.
'For the oil palm division, increasing fresh fruit bunch production volume and the recent strength of crude palm oil price is expected to contribute positively to the group's profitability,' it said.
Jaya Tiasa said barring any unforeseen circumstances, it was confident of delivering satisfactory results for the current financial year.
Its revenue for the quarter rose 7% to RM192.21 million from RM180.42 million. Earnings per share was 11.27 sen while net assets per share was RM4.31.
For the six months ended Oct 31, Jaya Tiasa posted net profit RM52.53 million compared to RM3.92 million in 2009, on the back of revenue RM377.74 million.
The company said on Monday, Dec 20 that the better results in revenue and pre-tax profit were mainly due to higher profit margin from logs sales with 23% increase in average selling price; better proceed from plywood sales as a result of 17% increase in sales volume; 53% increase in sales volume and 29% improvement in average selling price of fresh fruit bunch; and more than double in volume with 16% higher in crude palm oil average selling price.
On its prospects, the company said the outlook for the timber market was expected to remain firm with improved demand from emerging economies, such as India and China.
'However, the challenges faced by the timber industry are expected to continue due to uncertainty in the recovery of the US and European economies.
'For the oil palm division, increasing fresh fruit bunch production volume and the recent strength of crude palm oil price is expected to contribute positively to the group's profitability,' it said.
Jaya Tiasa said barring any unforeseen circumstances, it was confident of delivering satisfactory results for the current financial year.
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