Published: Friday August 3, 2012 MYT 6:50:00 PM
TH Plantations Q2 earnings down 38% to RM19.88m on-year
KUALA LUMPUR: TH Plantations Bhd's earnings fell 38.1% to RM19.88mil in the second quarter ended June 30, 2012 from RM32.16mil a year ago due to higher production costs.
It said on Friday its revenue fell 11.8% to RM99.35mil from RM112.71mil. Earnings per share were 3.84 sen compared with 6.36 sen.
TH Plantations said the higher production costs were due to a 14% increase in the manuring costs of RM1.28mil because of higher dosage and higher fertiliser cost.
It added harvesting cost rose RM2.18mil or 38% due to incentive payment of RM200 per month for eligible workers.
As for the first half, its earnings fell 38.9% to RM32.95mil from RM53.999mil in the previous corresponding period. Revenue was however 3.5% higher at RM194.39mil from RM187.76mil.
TH Plantations said that on March 13, it announced its target was to achieve 19.0% return on equity (ROE), 22.07 tonnes per had of fresh fruit bunches (FFB) yield per matured hectare and to distribute about 50% of its annual net profit after tax as dividend.
"As at June 30, 2012, the group had achieved a 17.12% annualised ROE and the distribution of annual net profit after tax will be done after finalisation of audited financial statements for financial year 2012," it said.