Friday 29 Mar 2024
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KUALA LUMPUR (Nov 25): Sarawak-based Ta Ann Holdings Bhd’s net profit jumped 31.1% to RM43.6 million in the third quarter ended Sept 30, 2014 (3QFY14) from RM33.3 million a year ago, on higher sales volume of crude palm oil (CPO) which surged 81% during the quarter under review.

Revenue for 3QFY14 jumped 31.3% to RM284.7 million from RM216.8 million a year ago. Earnings per share rose to 11.77 sen from 8.98 sen in 3QFY13.

Ta Ann also declared a second interim dividend of 10 sen per share for the financial year ending Dec 31, 2014 (FY14), payable on Dec 29.

On its improved 3QFY14 performance, Ta Ann said sales volumes of export logs and plywood products also grew 20% and 25% respectively.

Ta Ann pointed out average selling price of export logs was 3% higher, but oil palm fresh fruit bunch (FFB) and CPO were 3% and 9% lower respectively.

For the nine-month period (9MFY14), net profit surged 66% to RM102.04 million from RM61.49 million a year ago, while revenue jumped 31% to RM742.29 million from RM567.02 million previously.

Earnings per share for 9MFY14 was 27.54 sen compared with 16.6 sen a year ago.

Ta Ann said higher sales volume in CPO, FFB, export logs and plywood products accounted for the better performance.

It added that improved average selling price of CPO, FFB, export logs and plywood products also contributed to its improved results.

“The recent recovery in CPO price if sustained as forecast, will raise the contribution from the palm oil sector,” said Ta Ann on current year prospects.

Demand for logs is expected to be firm in the last quarter this year as the market continues to be affected by the repercussion of Myanmar’s export log ban, it added.

Ta Ann shares ended flat at RM3.80 today, with a market capitalisation of RM1.39 billion.
 

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