PETALING JAYA: Ta Ann Holdings Bhd
’s palm oil production is trending upwards as it enters the second half of the year with fresh fruit bunch production cycle at its peak.
“With anticipation of tight supplies of vegetable crops due to dry weather in the Black Sea region, as well as higher consumption of biofuels in diesel in Indonesia, the crude palm oil price is expected to hover only at the current level in the second half of the year,” Ta Ann said in the notes accompanying its financial results.
In the second quarter ended June 30, Ta Ann’s net profit rose 13.3% year-on-year (y-o-y) to RM48.7mil, or an earnings per share of 11.06 sen against RM42.9mil, or 9.76 sen previously.
Revenue, however, fell 4.8% y-o-y to RM366.7mil from RM385.2mil.
Ta Ann said for the first half to June 30, it posted a higher net profit of RM92mil on revenue of RM719.1mil.
The group said that during the review period, it achieved positive improvements in palm oil production and enjoyed favourable CPO prices.
