KUALA LUMPUR (Nov 20): Timber and oil palm group TA Ann Holdings Bhd has posted a 23% year-on-year fall in net profit to RM24.78 million in the third quarter ended Sept 30, 2019 (3QFY19), against RM32.21 million last year, on lower selling prices for its products across the board.  

In a bourse filing, the company said the reduced profit was due to a lower average selling price for export logs, plywood products, fresh fruit bunches (FFB) and crude palm oil (CPO), as prices of export logs dropped by 30%, plywood products by 5%, FFB by 3% and CPO by 11%. 

“However, these negative effects were mitigated with better sales volume achieved for export logs, FFB and CPO by 201%, 6% and 26% respectively.” 

Earnings per share declined to 5.62 sen, from 7.24 sen in 3QFY18. Revenue fell 3.06% y-o-y to RM267.92 million, from RM276.39 million last year.  

For the cumulative nine-months (9MFY19), TA Ann’s net profit sank 27.66% to RM37.99 million against RM52.52 million, while revenue dipped 9% to RM662.85 million from RM728.34 million.  

TA Ann closed eight sen or 3.1% higher to RM2.66 today, valuing the group at RM1.17 billion. The counter saw some 301,700 shares traded.