KUALA LUMPUR, Feb 26 (Bernama) -- TH Plantations Bhd narrowed its net loss by 62 per cent to RM226.50 million in the financial year ended Dec 31, 2019 (FY19).
In its announcement to Bursa Malaysia today, the oil palm plantation group attributed the better FY19 performance to higher fair value changes on biological assets and lower changes in negative fair value of forestry as well as lower impairment of property, plant and equipment, plantation development expenditure and intangible assets.
Revenue, however, slipped to RM493.65 million from RM519.32 million previously due to lower average realised prices for crude palm oil, palm kernel and fresh fruit bunches, said the 73.8 per cent-owned subsidiary of Lembaga Tabung Haji.
In the fourth quarter (Q4) of FY19, the company recorded a net loss of RM167.65 million, an improvement from a loss of RM578.24 million a year earlier, while revenue jumped by 15 per cent year-on-year to RM136.25 million.
The company said the loss in Q4 was mainly driven by the impairments for plantation assets and finance cost incurred by the group, amounting to RM132.91 million and RM14.01 million respectively.
At the operational level, the group reduced its gross loss to RM11.44 million for Q4 2019 compared to a gross loss of RM177.37 million for the same period in 2018, it said.
“The group's assets rationalisation programme is continuing, which will enable it to be in a better financial position once completed,” TH Plantations said.
TH Plantations, Results, Palm oil,
TAGS: TH Plantations, Results, FY19, Rationalisation Programme