16 May 2012
Tradewinds Plantations quarterly earnings fell 91% to RM 4.34 million due to lower sales at unfavourable palm products prices, revenue rose 164% to RM 608.45 million due to contribution from Mardec Bhd
(TWSPLNT closing stock price yesterday (15.5.2012) was RM 5.70)
Tradewinds Plantations Bhd's earnings fell sharply by 91% to RM4.34mil in the first quarter ended March 31, 2012 from RM48.63mil a year ago due to lower production and prices of palm products.
It said on Wednesday its revenue, however, rose 164.6% to RM608.45mil from RM229.93mil. Earnings per share shrunk to 0.69 sen from 7.73 sen. "The increase in revenue was mainly due to the contribution from Mardec Berhad which was acquired on Oct 10, 2011," it said.
However, Tradewinds Plantations' profit before tax fell to RM10.5mil from RM75.7mil a year ago.
"The decrease in profit before tax was mainly due to the lower production and prices of palm products, higher operating expenses of the plantation segment and operating loss incurred by the overseas operations in the manufacturing and trading segment," it said.
Tradewinds Plantations said plantation revenue fell by RM36.4mil mainly due to the lower production and prices of palm products.
In line with the decrease in revenue coupled with higher operating expenses and share of loss of a jointly controlled entity, pre-tax profit reduced by RM54.3mil to RM24.7mil.