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| TSH 3Q net profit falls 4.76% |
| Written by Financial Daily | |||
| Friday, 06 November 2009 14:19 | |||
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For the cumulative nine-month period, net profit dropped 38.9% y-o-y to RM51.8 million on revenue that fell 26.3% y-o-y to RM696.4 million. "The unfavourable result was mainly attributed to the lower average selling price of crude palm oil (CPO) in our palm and bio-integration business segment. The same was also noted in our cocoa-manufacturing division due to lower demand," TSH said in a note accompanying its results. It added that the downturn had also impacted its wood products segment, resulting in lower sales. TSH's earnings per share for 3Q fell to 5.73 sen from 5.96 sen in the same quarter a year ago. No dividend was declared. In a separate announcement, TSH reported the re-designation of two directors effective Nov 5. Datuk Kelvin Tan Aik Pen was re-designated as executive director from deputy executive chairman and Tan Soon Heng was re-designated as non-independent and non-executive chairman from executive chairman. TSH's 65.06% subsidiary, Ekowood International Bhd, also posted its results on Nov 5. Ekowood, a timber flooring provider, reported a net loss of RM1.43 million for its 3Q ended Sept 30 compared with a net profit of RM11,000 a year earlier. Revenue for 3Q fell 45.7% to RM15.7 million. For the cumulative nine months, Ekowood posted a net loss of RM5.55 million versus a net profit of RM5.04 million a year earlier. Revenue for the nine months was down 43.6% y-o-y to RM50.8 million. This article appeared in The Edge Financial Daily, November 6, 2009.
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