TDM posts net profit of RM21.75mil on improved sales

KUALA LUMPUR: TDM Bhd posted a net profit of RM21.75mil in the third quarter ended Sept 30, 2020 as compared to a net loss of RM41.4mil in the previous corresponding quarter on stronger contribution from its plantation division.

Group revenue for the quarter rose 15% to RM121.42mil compared to RM105.93mil in the comparative quarter.

According to TDM, its plantation arm's performance was driven by higher crude palm oil (CPO) and palm kernel (PK) sales volume.

"The newly acquired TDM-YT Plantation Sdn Bhd (formerly known as THP-YT Plantation Sdn Bhd) has contributed to the higher sales volume of CPO and PK during the quarter.

"The management has identified the Value Creation Plan for TDMYT and is now implementing the plan to improve the performance of the estate,” said TDM chairman Raja Datuk Idris Raja Kamarudin in a statement.

TDM said the purchase of outside crop increased 62% year-on-year in the quarter, which helped improve crude palm oil volume and mill utilisation rate.

in the healthcare division, revenue came to RM49.9mil or 15% lower compared to the previous corresponding quarter.

Ebitda was RM7.5mil versus RM8.6mil in the same quarter last year.

Despite the lower revenue, TDM said it was encouraged to see a 65% and 28% increase in the number of inpatients and outpatients from the immediate preceding quarter.

"We have formulated several strategies to address the challenges through our business continuity plan and business recovery plan.

"Overall, the group is cautiously optimistic of achieving satisfactory operating performance in the current financial year,” said Raja Datuk Idris.