19/05/2011 (The Star) - TSH Resources Bhd net profit rose 112.7% to RM24mil in the first quarter ended March 31 from RM11.3mil posted in the same quarter a year ago on strong plantation earnings.

Rrevenue for the quarter stood at RM252.6mil, marginally higher than RM240.5mil posted in the same period last year.

The company said in a statement that the improved profit was mainly attributable to the sterling performance of its Indonesian palm oil operation where fresh fruit bunches production grew by 48%.

“We are quite satisfied with our crop performance, which is within our projection,” group chairman Datuk Kelvin Tan said.

He said this was the early manifestation of high growth potential of TSH's Indonesian oil palm operations where 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.

“We will have more areas coming into maturity,” he said, adding that TSH would intensify its oil palm development programme and focused on yield enhancement and efficiency.

In a filing with Bursa Malaysia, TSH said its cocoa manufacturing segment reported a better result due to improved margins and stable prices.

However, it said the operating environment in Europe and the United States remained difficult for its wood products segment.