Monday, August 22, 2011

Ta Ann 2Q earnings surges to RM50.7m, declares 10c interim dividend

KUALA LUMPUR: TA ANN HOLDINGS BHD [] net profit for the second quarter ended June 30, 2011 surged 678% to RM50.73 million from RM7.48 million a year earlier on higher selling prices for its products.

It said on Monday, Aug 22 that revenue for the quarter jumped 48% to RM278.51 million from RM187.8 million in 2010.

Earnings per share was 16.43 sen while net assets per share was RM2.88.

Ta Ann declared a tax exempt interim dividend of 10 sen per share to be paid on Sept 30.

For the six months ended June 30, Ta Ann's net profit rose to RM77.29 million from RM15.47 million in 2010, on the back of revenue RM459.95 million.

Reviewing its performance, Ta Ann said increase in sales volumes at significantly higher selling prices of timber, timber products and crude palm oil brought about a record quarterly profit.

It said that company's plywood division also reported a profit after 3 years of losses.

On its prospects, Ta Ann said continuing import of timber and timber products by timber consuming countries and anticipated building material requirement for reCONSTRUCTION [] work in Japan were expected to sustain the demand for timber and timber products.

'Oil palm division is projected to achieve higher revenue in the peak crop season of the second half year.

'Barring unforeseen circumstances, the board expects a higher profit for the year 2011,' it said.



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