Boustead Records Stronger Q2 PAT of RM50.8 million

KUALA LUMPUR, August 24, 2015 – Boustead Holdings Berhad (Boustead) registered a higher profit after tax (PAT) of RM50.8 million for its second quarter ended 30 June 2015, an 18% increase compared with RM43.1 million in the preceding quarter. Profit before tax (PBT) rose to RM83.3 million on the back of an improved turnover of RM2.2 billion. Net assets per share stood at RM5.66 as at 30 June 2015.

YBhg Tan Sri Dato’ Seri Lodin Wok Kamaruddin, Deputy Chairman/Group Managing Director, Boustead Holdings Berhad, said, “The first half of the year has certainly been challenging, as tough market conditions and external pressures continue to impact the Group. Nevertheless, despite the current economic climate, we are pleased to have delivered stronger results as we strive to strengthen our core businesses and enhance value for our shareholders.”

“In line with this and as per our commitment to the Group’s dividend policy, we have declared a second interim dividend of 5 sen per share for the current financial year. This will be paid on 30 September 2015 to shareholders on the register as at 18 September 2015. This will bring cumulative dividends to 10 sen.”

The Plantation Division was the key contributor to the Group, recording a PBT of RM53.3 million for the quarter under review, a substantial jump from RM7.9 million in the preceding quarter. This was largely attributable to a gain on disposal of land announced on 19 May 2015.

The Trading and Industrial Division performed well with a higher PBT of RM22.5 million compared with RM12.7 million in the preceding quarter. This was primarily as a result of stronger contributions from BHPetrol’s operations, which saw better sales volume and a stockholding gain.

The Finance and Investment Division delivered an improved PBT of RM15 million, up from RM3 million in the preceding quarter mainly due to improved contributions from the AFFIN Group on reduction in both allowance for loan impairment and overhead expenses.

Meanwhile, the Pharmaceutical Division registered a lower PBT of RM18.9 million for quarter under review, compared with RM32.5 million in the preceding quarter. This was primarily due to unfavourable product mix and higher overhead expenses.

The Property Division recorded a PBT of RM7.6 million, a drop from RM9.8 million in the preceding quarter. This was attributable to an increase in share of loss from associate companies.

The Heavy Industries Division posted a deficit of RM34 million, largely due to the provision of foreseeable loss for the restoration of the vessel KD PERANTAU.

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 subsidiaries, associate companies and joint ventures, 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 June 2015, Boustead Holdings Berhad’s paid-up share capital was RM517 million while its shareholders’ funds stood at RM5.85 billion. Market capitalisation is currently in excess of RM4 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.

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Issued on behalf of: Boustead Holdings Berhad
By: acorn communications sdn bhd
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