Wednesday, February 22, 2012

TSH Resources profit more than doubles

TSH Resources' pre-tax profit rose 54 per cent to RM162.4 million for the financial year ended Dec 31, 2011 from RM105.3 million recorded in the preceding year.

The group turnover increased 27 per cent to RM1.15 billion from RM908 million a year before.

"The palm oil segment's contribution accounted for all the profit generatedin 2011," said group chairman Datuk Kelvin Tan in a statement today.

"Our plantation segment performed exceedingly well with record fresh fruitbunches (FFB) and oil yields from Sabah and Indonesia. 

"The Sabah estate average FFB yield exceeded 31 metric tonnes (MT) perhectare and oil yield was almost 7 MT per hectare. "This is a forerunner to the many more good years to follow," he said.

Tan noted that the early yields from TSH Group's Indonesian estates were most promising. 

"With the higher oil extraction rate of 26 per cent, oil yield per hectarefrom our Indonesian estates will comfortably exceed 7 MT per hectare at primeage."

TSH Group’s total planted area stands at 44,074 hectares at end-2011 with anunplanted land bank of 70,000 hectares. "We target to plant 6,000 to 7,000 hectares a year. Coupled with the fact that most of these plantings will be with our Wakuba tissue culture ramets, we can conservatively deliver compound annual growth rate of 30-35 per cent," he said.

The Board has proposed a single-tier dividend of 3.5 sen per share subject to shareholders' approval. -- BERNAMA

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