BOUSTEAD RECORDS RM 168 MILLION
LUMPUR, August 21, 2009 - For
the six months ended 30 June 2009, Boustead Holdings Berhad (Boustead)
recorded a profit before tax of RM168 million on the back of a turnover
of RM2.5 billion. The Group registered a second quarter profit after
tax of RM63 million, down marginally from RM68 million recorded
in the first quarter of the financial year.
For the period
under review, earnings per share was 16.6 sen while net assets per
share was RM4.51. The Board of Directors has declared a second interim
dividend of 5 sen which brings total dividend for the first half
of the financial year to 10 sen or 20%.
YBhg Tan Sri
Dato' Lodin Wok Kamaruddin, Group Managing Director, Boustead Holdings
Berhad, commented, "The first half of this year was by any
measure a challenging one, defined by unprecedented volatility and
unpredictability. Despite recording a marginal drop in profit between
our first and second quarter of this financial year, we are confident
that due to our diversified streams of business, the Group will
remain resilient in ending the year on a profitable note."
For the quarter
under review, the Plantation Division posted a profit of RM10.4
million compared with RM23.7 million achieved in the previous quarter.
This was primarily due to higher estate costs particularly due to
manuring. The Division recorded an average palm oil price of RM2,428
per MT for the quarter under review compared with RM1,886 per MT
in the preceding quarter. The increase in CPO price cushioned the
decline in production which was affected by seasonal low period
Heavy Industries Division on the other hand posted a profit of RM33
million for the second quarter of this financial year, a 6% increase
compared with RM31 million registered in the preceding quarter mainly
due to improved margins.
During the period
under review, the Property Division performed significantly well
with a profit of RM22 million registering a 24% growth compared
with the previous quarter. This was mainly due to the sustained
earnings from the Group's Royale Bintang hotels and the Curve.
For the current
period, the Finance and Investment Division posted a profit of RM5.6
million largely due to interest savings. The Manufacturing and Services
Division and the Trading Division registered a profit of RM6.6 million
and RM 4million respectively.
times call for tough measures. We are reviewing our cost structure,
pursuing greater organic growth and above all, improving efficiencies.
Non-performing assets and investments will be dealt with, especially
in market conditions such as these. The remaining half of the year
though challenging, will also have welcome opportunities",
YBhg Tan Sri Dato' Lodin concluded.
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 80 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 30 June 2009, Boustead
Holdings Berhad's paid-up capital is RM326 million, while its shareholders'
funds stand at RM2.9 billion. Market capitalisation currently is
in excess of RM2.5 billion.
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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Reshvinder Kaur at 017 275 7985 or Ng Siew Yen at 03 7958 8348
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