KUALA LUMPUR (May 27): TSH Resources Bhd reported a 24% decline in its net profit to RM13.54 million for the first quarter ended March 31, 2019 (1QFY19) from RM17.83 million a year earlier, due to lower average crude palm oil (CPO) and palm kernel (PK) selling prices. The group said its palm product segment reported lower operating profit due to lower average CPO price, although this was offset by higher fresh fruit bunch (FFB) production. The others segment reported lower revenue year-on-year amid lower sales volume of cocoa and wood products but operating profit increased due to higher profit contribution from the bio-integration and cocoa segments. “The Board remains optimistic on the long term prospect of the palm oil industry due to the higher per capita income, many health qualities of palm oil and population growth, which will drive greater demand. “The palm products segment which accounts for more than 85% of the revenue and profit for the group will remain the core contributor to group profit.

Source: The Edge Markets May 27, 2019 12:56 UTC