POISED FOR FURTHER GROWTH
KUALA LUMPUR, March 31, 2009
- Boustead Heavy Industries Corporation Berhad (BHIC) has clearly
proven it is on track to expand its horizons with a turnover of
RM496 million, a significant 324% compared with RM117 registered
last year. This commendable four-fold increase in revenue was mainly
due to lower progress billings from its shipbuilding contracts.
This was further driven by income from existing and new projects.
The results were further solidified
with a profit before tax and exceptional item of RM135 million,
an increase of 64% from RM82 million last year, not including the
debt waiver. Shareholders' fund grew to RM320 million compared with
RM209 million recorded last year. Net asset per share stood at RM1.29
compared with RM0.84 a year ago.
As a result of this performance,
the Board of BHIC is proposing a single tier final dividend of 5.5%
subject to the shareholders’ approval at its Annual General Meeting.
YBhg. Laksamana Madya (B) Dato'
Seri Ahmad Ramli Haji Mohd Nor, Executive Deputy Chairman of BHIC,
said, "It was a tough year and we are fortunate to be in a
sector that is still generating revenue and positive profit. Our
orderbook particularly from commercial projects excluding out associate
Boustead Naval Shipyard Sdn Bhd (BN Shipyard) is currently RM608
million, a significantly higher jump compared with an orderbook
of RM195 million in 2007."
"Our energies are focused on
building the non-naval business while providing necessary complimentary
maintenance work to our associate BN Shipyard. This will see us
through during these tough economic conditions."
The Group's vision to obtain orders
from non-naval clients is well underway with a contract for engineering,
procurement, construction and onshore commissioning of Muda Living
quarters building from Carigali-PTTEPI Operating Company Sdn Bhd
which is currently under construction in its Jerejak Yard in Penang.
Orders have also been secured by
the Group for the construction of several marine vessels including
three units of chemical tankers and a well testing and servicing
vessel from commercial owners and operators.
Additionally, the Group also secured
two contracts from Swire Pacific Offshore Operations Pte Ltd to
build two separate 111 metre-long accommodation work barges worth
"With these contracts in place,
this will enable us to strengthen our earnings potential and we
are certain BHIC will build on its competitive edge to improve our
productivity and harness our human capital abilities to achieve
our goals both in the domestic and international arena."
"Moving forward, we will continue
our efforts to grow our order book and explore the opportunities
inherent in the maritime sector which includes naval and commercial
ships, oil & gas and luxury yachts," he conclude.
on behalf of: Boustead Heavy Industries Corp. Bhd By:
acorn communications sdn bhd
For further information, please call: Reshvinder Kaur
at 017 275 7985
or Ng Siew Yen at 03 79588348
or email at: firstname.lastname@example.org