KUALA LUMPUR: TSH Resources Bhd
is optimistic of achieving satisfactory performance for the year 2023.
The group said crude palm oil (CPO) price has been down trending since May 2023 and is currently hovering around RM3,700 per tonne/
However, it said the direction of CPO prices for the rest of the year will depend on how various influencing factors pan out.
The Indonesian government recently announced that they will gradually ease palm oil domestic sales rules, which will allow more export of palm oil, and thus potentially lowering CPO price.
“On the other hand, weather-related phenomena such as El Nino may also impact edible oil supplies and prices, depending on the severity and timing of such occurrences,” the plantation group said in a filing with Bursa Malaysia.
Nonetheless, TSH Resources remains optimistic on the long term prospect of the palm oil industry.
“Underpinned by its strong financial position, the group will strive to progressively increase the planted hectarage to maintain production growth,” it said.
TSH Resources posted a net profit of RM29.4mil in the first quarter ended March 31 compared with RM96.5mil in the corresponding period last year.
Revenue stood at RM250.3mil during the quarter compared with RM337.3mil last year while earnings per share stood at 2.13 sen against 6.99 sen last year.
