KUALA LUMPUR (Nov 19): Boustead Plantations Bhd recorded a net profit of RM17 million on revenue of RM162.9 million for the third financial quarter ended Sept 30, 2014 (3QFY14), driven by higher production and increased selling prices of crude palm oil (CPO) and palm kernel (PK).

Boustead Plantations said the 3QFY14 results were “satisfactory” and declared a second interim dividend of two sen per share, bringing the total dividend declared to four sen per share for the financial year ending Dec 31, 2014.

For the nine-month period (9MFY14), the plantation firm registered stronger net profit of RM57.6 million, close to doubling the RM31 million it saw in the corresponding period last year. Meanwhile, revenue came in at RM550.2 million.

Earnings per share stood at 4.74 sen for 9MFY14, while net assets per share was RM1.45 as at Sept 30, 2014.

During 9MFY14, Boustead Plantations said average selling price of CPO rose 6.2% to RM2,477 per tonne, from RM2,333 per tonne a year ago. Average PK price was RM1,802 per tonne.

In addition, the group said its fresh fruit bunch production grew by 4% to 773,937 tonnes in 9MFY14, while CPO production rose 8% to 183,930 tonnes, with a 4% improved oil extraction rate (OER) of 21.7%.

The peninsula region was the group’s biggest contributor, with an operating profit of RM61.7 million for 9MFY14, representing a 47% year-on-year increase.

In the east, Sabah contributed an operating profit of RM48.4 million — four times more than a year ago, while Sarawak recorded an operating profit of RM6.2 million — a reversal from the RM2.1 million loss last year.

Boustead Plantations' share price closed at RM1.52 today, up 1 sen or 0.66%. Its market capitalisation stood at RM2.42 billion.