MARKET DEVELOPMENT
Ta Ann Q3 Pre-tax Profit Rises To RM46.12 Million
Ta Ann Q3 Pre-tax Profit Rises To RM46.12 Million
26/11/2013 (Bernama) - TA Ann Holdings Bhd's pre-tax profit for the third quarter ended Sept 30, 2013 rose to RM46.12 million from RM41.62 million in the same quarter a year ago.
Revenue decreased to RM216.81 million from RM234.85 million previously.
In a filing to Bursa Malaysia, Ta Ann said the higher pre-tax profit was contributed by the timber sector, mainly from logging division, which saw export logs volume and average price increasing by three per cent and 25 per cent, respectively, and more than offset the decrease in profit from the palm oil sector.
Ta Ann attributed the dip in revenue to lower plywood sales volume and lower average selling prices of oil palm fresh fruit branches (FFB) and crude palm oil (CPO).
On prospects, the company expects demand for timber and timber products to be sustained.
"Selling price is anticipated at current or higher level as log supply will likely be lower in the year-end rainy season," the company said.
Ta Ann also said with the passing of peak crop season, FFB production will recede from the third quarter high but the palm oil sector will remain a main contributor to group revenue and profit, especially with the recent rise in the CPO price.
The group also declared an interim single-tier ordinary dividend of five sen per share for the financial year ending Dec 31, 2013, payable on Dec 27, 2013 to depositors whose names appear in the Record of Depositors on Dec 11, 2013.
Revenue decreased to RM216.81 million from RM234.85 million previously.
In a filing to Bursa Malaysia, Ta Ann said the higher pre-tax profit was contributed by the timber sector, mainly from logging division, which saw export logs volume and average price increasing by three per cent and 25 per cent, respectively, and more than offset the decrease in profit from the palm oil sector.
Ta Ann attributed the dip in revenue to lower plywood sales volume and lower average selling prices of oil palm fresh fruit branches (FFB) and crude palm oil (CPO).
On prospects, the company expects demand for timber and timber products to be sustained.
"Selling price is anticipated at current or higher level as log supply will likely be lower in the year-end rainy season," the company said.
Ta Ann also said with the passing of peak crop season, FFB production will recede from the third quarter high but the palm oil sector will remain a main contributor to group revenue and profit, especially with the recent rise in the CPO price.
The group also declared an interim single-tier ordinary dividend of five sen per share for the financial year ending Dec 31, 2013, payable on Dec 27, 2013 to depositors whose names appear in the Record of Depositors on Dec 11, 2013.