KUALA LUMPUR: Ta Ann Holdings Bhd’s net profit in the second-quarter (Q2) ended June 30, 2017, rose 14.55 per cent to RM33.23 million from RM29.01 million in the same period a year ago due to increased crude palm oil and fresh fruit bunch sales volume.
In an exchange filing today, Ta Ann’s revenue in Q2 dropped 1.01 per cent to RM266.37 million from RM269.08 million a year ago attributed to the drop in timber and timber products export volume.
Moving forward, the group’s log harvesting policy is in compliance with its certification exercise.
The reduction of log export quota from 30 per cent to 20 per cent effective July 1 would channel more proportion of logs harvested to the mills for processing.
“We have strategically revised our plywood production to process more products with higher plantation and certified woods components as we are stepping up harvesting of our plantation logs and utilisation of imported PEFC certified eucalyptus veneer.
The company said it also expects the oil palm sector would generate higher revenue and profit for the group since the oil palms are entering into the peak crop season.
Meanwhile, Ta Ann has declared a second interim single tier dividend of 5 sen per ordinary share, in respect of the financial year ending December 31, 2017, payable on September 28, 2017.