Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 30): Boustead Holdings Bhd net profit for the third quarter ended Sept 30, 2017 (3QFY17) surged 610% to RM312.40 million, from RM44 million a year earlier, driven by higher gain on disposal of plantation land, better palm products prices and lower finance cost.

In a filing with Bursa Malaysia, the group said its revenue for the quarter rose 22% to RM2.47 billion, from RM2.02 billion a year earlier (3QFY16).

Earnings per share was 15.41 sen versus 2.17 sen previously.

Boustead declared a third interim dividend of 3 sen to be paid on Dec 29.

For the nine months ended Sept 30, 2017 (9MFY17), Boustead’s net profit rose 51% to RM375.9 million, from RM248.3 million, on the back of revenue RM7.23 billion versus RM5.95 billion in the previous corresponding period (9MFY16).

On its prospects, Boustead said the remainder of the year is expected to continue to be challenging on both global and domestic fronts.

“Nevertheless, long-term prospects are positive for the Malaysian economy.

“As such, the diversified nature of Boustead in six core areas of the Malaysian economy certainly augurs well for the group,” the filing said. 

In a separate statement, Boustead deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin said the fact that Boustead remains a conglomerate with multiple business streams provides investors and shareholders with a broader opportunity to leverage on the strengths of our various divisions, even when certain divisions may be impacted by market conditions.

At midday break today, Boustead dipped 0.67% or 2 sen to RM2.98, with 273,900 shares traded. 

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