KUALA LUMPUR (Feb 26): Shares of Boustead Plantations Bhd fell as much as 12.37% in active trade this morning as the group wrapped up its financial year ended Dec 31, 2018 (FY18) in the red, after reporting a net loss in the fourth quarter of the year — its third consecutive losing quarter.

At 12:05pm, Boustead Plantations fell 11 sen or 11.34% to 86 sen, with 1.52 million shares traded.

Yesterday, the group reported a net loss of RM12.90 million in 4QFY18, compared with a net profit of RM22.17 million in the year-ago quarter, while quarterly revenue fell 28.2% to RM156.56 million from RM218.16 million.

It attributed the losses to a decline in palm product prices and higher interest expense from the acquisition of Pertama estates in Sabah.

Consequently, Boustead Plantations recorded a net loss of RM51.78 million for FY18, compared with a net profit of RM620.17 million in FY17, while revenue contracted 23.2% to RM584.01 million from RM760.10 million.