TSH earnings jump 140pc

KUALA LUMPUR: Sabah-based TSH Resources Bhd’s (TSH) net profit for the first half ended June 30 2014 jumped by about 140 per cent to RM95.9 million from RM40.1 million a year ago, driven by, among others, higher fresh fruit bunches (FFB) output and lower production cost.

For the second quarter ended June 30 2014, net profit increased by 103 per cent to RM37.9 million versus RM18.7 million a year ago.

“We are happy that more of our young plantations are now contributing to FFB production growth, which accelerated 34 per cent for the second quarter of this year from the same quarter in the previous year.

“With an average tree age of about five to six years, we expect the FFB production growth trend to remain strong for a few more years,” said TSH chairman Datuk Kelvin Tan.

Gross profit margin increased to 34.1 per cent in the first quarter of this year from 27.2 per cent in the same period last year.

TSH had earlier proposed a bonus issue of one new share for two existing shares. All shareholders are entitled to the new shares without any cash subscription.