Thursday June 21, 2012
Jaya Tiasa records lower profit of RM38.9mil
KUALA LUMPUR: Jaya Tiasa Holdings Bhd recorded a lower pre-tax profit of RM38.901mil for the three-month financial period ended April 30, 2012 compared with RM72.841mil seen in the same period of 2011.
The company, which has changed its financial year-end from April 30 to June 30, said in filing to Bursa Malaysia yesterday that its revenue for the period was higher at RM274.536mil compared with RM255.522mil previously.
It attributed the increase in revenue to significant increase in log sales volume.
“However, our pre-tax profit was lower as it was affected by a fall in logs, fresh fruit bunches (FFB) and crude palm oil (CPO) average selling price and a reduction in plywood sales volume,” the company said.
Jaya Tiasa said prospects for the timber division would remain positive in view of the tight log supply situation and anticipated increase in demand for wood products from Japan due to its reconstruction efforts.
On the oil palm sector outlook, it said the sector would remain firm with growth in demand from Pakistan and European countries and lower than expected CPO inventory level as reported recently.
It added that the increment in FFB production was expected to contribute positively to the group's profitability with more palms reaching their prime production age and additional planted estates entering maturity.
The company expects a satisfactory performance for the current financial year. - Bernama