KUALA LUMPUR: Ta Ann Holdings Bhd’s net profit increased to RM32.21 million in the third quarter (Q3) ended Sept 30, 2018, up 60.8 percent from the same period last year. However, the timber and palm oil group reported a drop in revenue to RM 274.85 million from RM308.17 million previously.
In a filing with Bursa Malaysia yesterday, the Sarawak-based company said its Q3 performance was mainly affected by the higher average selling prices of plywood products and export logs by 18 per cent and five per cent, respectively, despite lower average selling prices for crude palm oil (CPO) and fresh fruit bunches (FFB) by 21 per cent and 22 per cent, respectively.
Another contributor was the increase in CPO and FFB sales volume by eight per cent in the quarter under review. Ta Ann said it was expected to achieve a satisfactory performance for this financial year, barring unforeseen circumstances and notwithstanding a challenging year for the oil palm industry following uncertainties in the regional economy at a macro level. –Bernama
