BOUSTEAD REGISTERES INCREASED,
QUARTER ON QUARTER PROFITS
LUMPUR, November 24, 2009 -
Boustead Holdings Berhad (Boustead) continued its positive performance
into the third quarter of its 2009 financial year with a profit
after tax of RM108 million, a 72% increase from the preceding quarter’s
profit of RM63 million. This strong result was achieved on the back
of a turnover of RM1.4 billion.
For the nine
month period under review, the Group registered a profit after tax
of RM239 million on the back of a turnover of RM3.9 billion. Earnings
per share was 29.1 sen while net assets per share was lower at RM4.08
due to the dilutive effect from the recently concluded rights issue.
The Board of Directors has declared a third interim dividend of
7.5 sen which brings total dividend for the 2009 financial year
to 17.5 sen or 35%.
YBhg Tan Sri
Dato’ Lodin Wok Kamaruddin, Group Managing Director, Boustead
Holdings Berhad, said, "Given our third quarter results, clearly
the tide and sentiments are turning by virtue of the fact that our
earnings are up. The sectors of the economy we are involved in,
namely the consumer and the heavy industries segments bode well
for the Group while our plantations continue to be a steady revenue
generator and profit contributor."
sheet looks strong given our recent rights issue which generated
proceeds in excess of RM700 million. Our paid up capital has increased
to RM456 million and our gearing ratio has dropped significantly
to 0.8 from 1.2 times. In essence, our financial strength is strong
while our prospects look better."
During the quarter
under review, the Heavy Industries Division emerged as the main
contributor to the Group, registering a profit of RM49 million,
an increase of 49% compared with RM33 million in the preceding quarter.
This was mainly due to improvements in billings and margins.
Division recorded a profit of RM17 million compared with RM10 million
achieved in the preceding quarter. For the nine month period, the
Division recorded an average palm oil price of RM2,172 per MT, a
drop from the RM3,103 per MT in the previous year. Fresh fruit bunches
production totaling 827,850 MT was 5% lower than the corresponding
period last year.
Division on the other hand recorded a profit of RM19 million, a
15% decrease from RM22 million achieved in the preceding quarter.
This was due to the start-up cost of The Royale Chulan Hotel which
was opened in April 2009.
& Investment Division demonstrated a strong improvement, achieving
a profit of RM20 million compared with RM6 million achieved in the
preceding quarter. The Trading Division registered a profit of RM14
million, a significant increase from the RM4 million recorded in
the preceding quarter, largely due to stockholding gains recorded
by BH Petrol and profit from the LCCT Baggage Handling system project.
The Manufacturing and Services Division on the other hand achieved
a profit of RM7 million, consistent with the profit recorded in
the preceding quarter.
global recession begins to recede and with recovery on the horizon,
the outlook for the Malaysian economy is expected to improve. Given
the diversity of the Group, our improving financial results and
the fact that we are seizing opportunities from an organic growth
perspective, we are positive with our delivery moving forward,"
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 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 30 September 2009, Boustead
Holdings Berhad's paid-up capital is RM456 million, while its shareholders'
funds stand at RM3.7 billion. Market capitalisation currently is
in excess of RM3.1 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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