Boustead Plantations to gain RM120m from land sale

KUALA LUMPUR: Boustead Plantations Bhd expects to gain RM120mil from the disposal of non-core land this year, said vice-chairman Tan Sri Lodin Wok Kamaruddin. 

Last year, the company recorded RM57mil gain from disposal of non-core land which boosted its profit after tax to RM72mil from RM52mil in 2014. 

He also said crude palm oil (CPO) price was expected to fare well this year and forecast to reach RM3,000 per tonne by mid-year. 

"So far, CPO has been moving from RM2,200 to RM2,800 per tonne year-to-date.

"But, we have to consider other factors such as foreign workers levy, lower production due to El Nino that may affect our profitability. 

"Nevertheless, we are confident to perform better this year as compared to 2015," he told reporters following the company's AGM on Thursday.