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Corporate

Boustead first-half net profit increases

Boustead Holdings Berhad's net profit for the first half ended 30 June 2005 increased 18 per cent to RM67.3 million from RM57.2 million recorded during the same period last year.

The better result was mainly attributed to contributions from its finance and investment division, which recorded a 75 per cent increase in its pre-tax profit of RM50 million.

YBhg Tan Sri Lodin Wok Kamaruddin, Group Managing Director, Boustead Holdings Berhad said that the division contributed about 40 per cent to the Group's overall pre-tax profit and is confident that the portion will increase in future.

Primary contributor to the division's earnings, Affin Group, recorded a higher pre-tax profit of RM235 million compared with RM183 million last year.

On Boustead's plantation division, which recorded a pre-tax profit of RM45.4 million on a RM233.6 million turnover, Lodin said, "We are encouraged by the performance of our plantation division, which has achieved an average palm oil price of RM1,371 per tonne, while crop production was 16 per cent better."

Boustead property division contributed a lower pre-tax profit of RM24 million against RM42.4 million registered in the same period last year. This was attributed to the high start-up and finance cost incurred by the Group's retail mall, the Curve, in Mutiara Damansara.

The Group's listed subsidiary in the property industry, Boustead Properties Berhad recorded a net profit of RM30.2 million compared with RM42.5 million before.

"With a range of future property launches to be initiated in this financial year and beyond, we are confident that this division will continue to contribute further to the Group's overall bottom line," Lodin said.

 

©2005 Boustead Holdings Berhad

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