BOUSTEAD FIRST QUARTER PROFITS UP BY 54%
LUMPUR, May 31, 2010 - Boustead Holdings Berhad (Boustead) is
looking forward to a positive financial year as it recorded a profit
after tax of RM104 million for the first quarter of its 2010 financial
year. This represents a 54% increase compared with the previous
year's first quarter results of RM68 million.
profit after tax and minority interest of RM90 million was also
48% higher from the RM61 million achieved in the first quarter of
2009. These positive results were achieved on the back of a turnover
of RM1.6 billion compared with the RM1.2 billion recorded during
the same period last year.
For the period
under review, earnings per share (EPS) was 9.8 sen and for the same
period last year, EPS was 9.3 sen while net assets per share was
RM4.27 (31 December 2009: RM4.20).
As a result
of the Group's strong performance, the Board of Directors has declared
an increased single tier dividend of 5.0 sen per share (for the
same period last year: 3.75 sen).
YBhg Tan Sri
Dato' Lodin Wok Kamaruddin, Deputy Chairman/Group Managing Director,
Boustead Holdings Berhad, said, "The solid results achieved
for the quarter were at the top end of our expectations and represents
a very good start to the financial year. This is testament to the
Group's strength and diversity of our business model."
around the Plantation Division has done us proud by being the primary
contributor to the Group's bottom-line delivering 46% of the Group's
total profit for this quarter, amounting to RM62 million compared
with the previous financial year's first quarter of RM24 million."
During the period
under review, the Plantation Division achieved an average crude
palm oil price (CPO) of RM2,499 per MT, an increase of 33% against
last year's average of RM1,886 per MT. The fresh fruit bunches production
for the quarter of 305,335 MT was 1.5% better than the corresponding
period last year.
Division also demonstrated a marked increment in segmental contribution
recording a profit of RM20 million compared with RM3 million achieved
last year. This was due to higher sales volume and stock holding
gains from BH Petrol.
& Investment Division also recorded positive gains with a profit
of RM18 million compared with RM4 million achieved in the same period
last year. This was driven by a strong performance from key operating
units of Affin Holdings Berhad, particularly its insurance, consumer
banking and Islamic banking segments. In addition, a drop in non-performing
loans contributed to the Affin Group's positive performance.
The Heavy Industries
Division on the other hand closed the first quarter with a lower
profit of RM23 million compared with RM31 million last year due
to lower progress billings. The Property Division also recorded
a drop in profits from RM18 million last year to RM6 million for
the first quarter of this year. Key factors for this drop included
a decline in contributions from the property development and hotel
segments, particularly due to the new Royale Chulan Hotel which
has yet to achieve optimum operating capacity.
and Services Division registered a profit of RM5 million, a marginal
drop from the RM6 million recorded in the preceding year's corresponding
look at the year ahead, we are very optimistic with our Divisions
contributing to sustain their performance levels. Additionally,
we expect CPO to trade between the band of RM2,450 and RM2,650 as
a result of rising demand and reducing stock piles driven by the
drop in production levels due to El-Nino."
disposal of our 80% stake in BH Insurance (M) Berhad, the Group
stands to benefit from a positive cash flow of RM363 million. In
addition, as a result of this sale, the Group will realise a profit
of RM75 million which will hit our bottom-line this year."
YBhg Tan Sri Dato' Lodin concluded.
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 and manufacturing &
services. As at 31 March 2010, Boustead Holdings Berhad's paid-up
capital is RM466 million, while its shareholders' funds stand at
RM4 billion. Market capitalisation currently is in excess of RM3.3
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
on behalf of: Boustead Holdings Berhad By: acorn
communications sdn bhd
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