Wednesday, May 18, 2011

TSH Resources 1Q earnings double to RM23.95m

KUALA LUMPUR: TSH RESOURCES BHD []'s earnings surged 105% to RM23.95 million from RM11.26 million a year ago boosted by its Indonesian palm oil operation where fresh fruit bunches (FFB) production grew by 48%.

It said on Wednesday, May 18 that revenue rose 5.04% to RM252.59 million from RM240.47 million while earnings per share were 5.84 sen compared with 2.75 sen.

TSH group Chairman Datuk Kelvin Tan said at the pre-tax level, it rose 88% to Rm33.64 million from RM17.02 million.

'This is against a background where historically first quarter FFB production will be the lowest,'' constituting less than 20% of the whole year production. The vastly improved profit was mainly attributable to the sterling performance of its Indonesian palm oil operation where FFB production grew by 48%,' he said.

Tan said he was quite satisfied with the crop performance which was within its projection, particularly as, for the industry as a whole, production had suffered from a low crop cycle trend.

On the Indonesian oil palm operations, he said the mature hectarage only represented 41% of planted area.

'The mature palms are still principally in their early maturity years and possess high yield increment potential and to bottomline.'' Moreover, we will also have more areas coming into maturity', he said.


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