Boustead Holdings Bhd has swung back to profitability with a pre-tax profit of RM155mil on turnover of RM983mil for the financial year ended Dec 31, 2002. It had posted a RM15mil pre-tax loss and RM1.024bil turnover in 2001.
The turnaround is attributable to Affin Holdings Bhd's return to profitability from the previous year's loss of RM571mil to a RM170mil profit for the period under review, Boustead said in a statement.
The group's plantation division, its largest revenue generator, recorded a profit of RM93mil on turnover of RM312mil. Its property division reported a pre-tax profit of RM70mil on RM207mil in sales.
The group's manufacturing investments contributed RM22mil in profits last year. Boustead has stakes in UAC Bhd, Boustead Sissons Paints Sdn Bhd, Kao (M) Sdn Bhd and Cadbury Confectionery (M) Sdn Bhd.
Boustead's plantation arm, Kuala Sidim Bhd, recorded a pre-tax profit of RM72mil in 2002 compared with RM42mil in the previous year.
Its revenue soared 55% to RM293mil.
SCB Developments Bhd, another listed subsidiary, made a pre-tax profit of RM90mil on sales of RM225mil during the period under review.
Affin Holdings Bhd, a 26%-owned associate company, registered a turnover of RM1.96bil last year.
Affin Bank made a pre-tax profit of RM29mil, reversing the loss of RM747mil incurred a year ago due to a 55% decline in loan provisions.
At the end of December, an additional RM100mil in share capital was injected into the bank, thus improving its risk-weighted capital ratio to 9.1%,'' the statement said.
Affin-ACF Holdings Bhd reported better operating profit of RM120mil while Affin Merchant Bank Bhd registered a pre-tax profit of RM34mil.