Boustead Q3 PAT up by 64%
KUALA LUMPUR, November 29, 2013 – Boustead Holdings Berhad delivered a solid performance for its third quarter ended 30 September 2013, with a profit after tax (PAT) of RM123 million. This represents a significant 64% jump compared with RM75 million in the second quarter of the current financial year.
The Group registered a profit before tax of RM159 million for the quarter under review, a 71% increase compared with RM93 million in the preceding quarter of the current financial year. Cumulatively for the nine-month period, the Group’s PAT stood at RM332 million, while revenue came in at RM7.6 billion.
For the third quarter under review, earnings per share (EPS) was 9.4 sen compared with 5.9 sen in the preceding quarter. The Group’s net asset per share was RM4.59 as at 30 September 2013 (30 Jun 2013: RM4.52).
In line with the Group’s commitment to delivering shareholder value, the Board of Directors declared a third quarter interim dividend of 7.5 sen per share for the year ending 31 December 2013, as per the entitlement date on 19 December 2013 and payable on 30 December 2013.
YBhg Tan Sri Dato’ Seri Lodin Wok Kamaruddin, Deputy Chairman/Group Managing Director, Boustead Holdings Berhad said, “We are pleased to note that our Divisions delivered good results, particularly for the third quarter under review. Overall, the Divisions have performed satisfactorily despite the fact that crude palm oil (CPO) prices have impacted earnings.”
The Property Division was a primary contributor for the quarter under review, with a profit of RM48 million compared with RM44 million in the preceding quarter of the current financial year. This performance was attributable to stronger operating results and the sale of a corporate lot in Mutiara Damansara.
The Group’s Trading & Industrial Division performed well, recording a profit of RM39 million for the quarter under review. This was largely due to improved contributions by Boustead Petroleum Marketing Sdn Bhd (BHPetrol) and UAC Berhad.
The Plantation Division recorded a profit of RM30 million, compared with the deficit of RM15 million in the preceding quarter. Performance was buoyed due to higher fresh fruit bunches crop production for the quarter with 269,382 metric tonnes (MT), a 19% increase from 226,952 MT in the preceding quarter. Average CPO price for the quarter was also marginally higher at RM2,342 per MT.
Profit for the Finance & Investment Division stood at RM24 million for the third quarter, anchored by solid contributions from AFFIN Holdings Berhad and Cadbury Confectionary Malaysia.
Meanwhile, the Heavy Industries Division reported a profit of RM13 million for the third quarter, as a result of progress in the Littoral Combat Ship project as well as maintenance, repair and overhaul (MRO) related activities. Air transportation and support services under MHS Aviation Berhad also contributed to the Division’s improved performance.
The Pharmaceutical Division registered a profit of RM6 million for the quarter under review, up from RM3 million in the preceding quarter of the current financial year.
“We will continue to undertake measures to ensure that we are able to deliver shareholder value by building on our various business streams and pursuing opportunities for organic growth,” concluded YBhg Tan Sri Dato’ Seri Lodin.
Since its inception as a modest trading entity more than 180 years ago, the Boustead Group has grown by leaps and bounds to comprise more than 90 subsidiary and associate companies, and has substantial interests in various sectors of the Malaysian economy. The Boustead Group's operations are focused in six key areas; plantation, heavy industries, property, finance & investment, trading & industrial and pharmaceutical. As at 30 September 2013, Boustead Holdings Berhad’s paid-up capital was RM517 million while its shareholders’ funds stood at RM4.75 billion. Market capitalisation is currently in excess of RM5.6 billion.
Forward looking statements
This release may contain certain forward-looking statements with respect to the financial conditions, results of operations and business of the Group and certain plans and objectives of Boustead Holdings Berhad with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
on behalf of: Boustead Plantations Berhad
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