Wednesday, December 21, 2011

Subur Tiasa 1Q net profit up 8% to RM10.8m

Larger Smaller Reset KUALA LUMPUR (Dec 21): SUBUR TIASA HOLDINGS BHD [] net profit for the first quarter ended Oct 31, 2011 rose 8% to RM10.8 million from RM10 million a year earlier, due mainly to the rising selling prices of logs and timber products, coupled with effective cost management.

The company said on Wednesday that its revenue for the quarter fell 4.44% to RM151.22 million from RM158.26 million in 2010.

Earnings per share for the quarter rose to 5.74 sen from 5.32 sen in 2010, while net assets per share was RM3.40.

Reviewing its performance, Subur Tiasa said its revenue for the quarter dipped due to lower logs, plywood and sawn timber export sales volume.

On its prospects, Subur Tiasa said the prices for timber products were expected to stay at current levels despite having eased from their high in the second quarter of year 2011.

The spike in crude oil prices due to geopolitical issues in the Middle Eastern and North African countries and the renewed concerns on the European debt turmoil had partly foreshadowed the general market outlook, it said.

'The group will continue to be vigilant in improving efficiencies and effectiveness of its business operations, maximise the utilisation of resources and embrace prudent business practices.

'Barring any unforeseen circumstances, with the additional contribution from our oil palm division, the board expects the group to perform well in the remaining quarters,' it said.

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