KUALA LUMPUR: TSH RESOURCES BHD []'s earnings surged 116% to RM44.22 million in the fourth quarter ended Dec 31, 2010 from RM20.47 million, boosted by the robust performance of its Indonesian PLANTATION [].
It said on Wednesday, Feb 23 this was despite revenue had declined by 12.8% to RM247.44 million from RM283.88 million. Earnings per share were 10.8 sen compared with 5.01 sen. The board recommended a final single tier dividend of six sen for 2010.
TSH group chairman Datuk Kelvin Tan said the record profit was achieved despite modest crude palm oil price of RM2,610 per tonne in the quarter.
He said its Indonesian plantation's fresh fruit bunches (FFB) crop grew by 107% compared to a year ago as more areas come into harvesting.
"With more immature areas coming into harvesting over the next few years and as more areas reach peak yield age, we are assured of strong FFB crop growth. With the resultant unit cost reduction and on expectation of remunerative price, TSH is entering an exciting profit growth phase.
'Going forward, TSH is confident of achieving more record profit as the mature hectarage at end of 2010 represented only 34% of the Indonesian oil palm plantings,' Tan said.
On the cocoa manufacturing segment, TSH reported better result due to improved margins. However, the wood products segment continues to be affected by its competitive and difficult operating environment especially in Europe and US.
For the financial year ended Dec 31, 2010, its net profit rose 17.6% to RM85.05 million from RM72.31 million. Revenue declined by 7.2% to RM909.66 million from RM980.25 million.
It said on Wednesday, Feb 23 this was despite revenue had declined by 12.8% to RM247.44 million from RM283.88 million. Earnings per share were 10.8 sen compared with 5.01 sen. The board recommended a final single tier dividend of six sen for 2010.
TSH group chairman Datuk Kelvin Tan said the record profit was achieved despite modest crude palm oil price of RM2,610 per tonne in the quarter.
He said its Indonesian plantation's fresh fruit bunches (FFB) crop grew by 107% compared to a year ago as more areas come into harvesting.
"With more immature areas coming into harvesting over the next few years and as more areas reach peak yield age, we are assured of strong FFB crop growth. With the resultant unit cost reduction and on expectation of remunerative price, TSH is entering an exciting profit growth phase.
'Going forward, TSH is confident of achieving more record profit as the mature hectarage at end of 2010 represented only 34% of the Indonesian oil palm plantings,' Tan said.
On the cocoa manufacturing segment, TSH reported better result due to improved margins. However, the wood products segment continues to be affected by its competitive and difficult operating environment especially in Europe and US.
For the financial year ended Dec 31, 2010, its net profit rose 17.6% to RM85.05 million from RM72.31 million. Revenue declined by 7.2% to RM909.66 million from RM980.25 million.
No comments:
Post a Comment