MARKET DEVELOPMENT
TH Plantations Q1 Earnings Down 75% to RM3.2M
TH Plantations Q1 Earnings Down 75% to RM3.2M
01/06/2013 (The Star) - TH Plantations Bhd's net profit fell 75% to RM3.2mil in the first quarter ended March 31, 2013 from RM13mil a year ago due to the effects of its land acquisitions in 2012 and higher estate production cost.
It said on Friday revenue fell 5.8% to RM89.4mil from RM95mil a year ago. Earnings per share were 0.44 sen versus 2.53 sen a year ago.
TH Plantations said revenue and profit for the quarter were mainly from its plantation operations.
However, the lower revenue was due to softer average commodity prices despite higher sales volume of crude palm oil, palm kernel and fresh fruit bunches.
It said profit fell as estate production cost surged 5.25% to RM1.6mil and an "amortisation cost of RM7.5mil of which RM5.7mil resulting from the amortisation of fair value of the nets assets acquired from acquisition of new subsidiaries in 2012".
Moving forward, TH Plantations said due to the volatility of commodity prices, it remained cautiously optimistic in being able to sustain its current performance.
It said on Friday revenue fell 5.8% to RM89.4mil from RM95mil a year ago. Earnings per share were 0.44 sen versus 2.53 sen a year ago.
TH Plantations said revenue and profit for the quarter were mainly from its plantation operations.
However, the lower revenue was due to softer average commodity prices despite higher sales volume of crude palm oil, palm kernel and fresh fruit bunches.
It said profit fell as estate production cost surged 5.25% to RM1.6mil and an "amortisation cost of RM7.5mil of which RM5.7mil resulting from the amortisation of fair value of the nets assets acquired from acquisition of new subsidiaries in 2012".
Moving forward, TH Plantations said due to the volatility of commodity prices, it remained cautiously optimistic in being able to sustain its current performance.