Boustead first-half profit almost doubles to RM57.2mil


  • Business
  • Thursday, 19 Aug 2004

BY SIDEK KAMISO

BOUSTEAD HOLDINGS BHD’s first-half net profit has soared by nearly 100% from a year ago with the help of strong performance in its plantation and property divisions, two of its core operations. 

For the six months ended June 30, Boustead posted a net profit of RM57.2mil compared with RM28.8mil in the corresponding period of last year.  

The latest figure translates into earnings per share of 10.34 sen versus 7.04 sen a year ago. The group has declared an interim dividend of 10% . 

Group managing director Tan Sri Lodin Wok Kamaruddin said Boustead's stronger performance in the first half of this year was due to its efforts to strengthen its core growth areas, particularly plantations and property. 

“It is clearly evident that our strategy in streamlining our core growth areas is producing significant and more importantly, sustained results. We continue to deliver on our fundamentals and expect to continue on this course,” Lodin said in a statement yesterday. 

For the six-month period under review, Boustead’s total revenue grew 20% to RM570.5mil from RM473.6mil a year ago. The group’s plantation division was the largest contributor with RM220.9mil, followed by property (RM139.3mil), trading (RM167.5mil), manufacturing (RM24.5mil), services (RM17.1mil) and finance and investment (RM3.6mil). 

For the second quarter, the Boustead group posted RM19.9mil in net profit, up 84% from RM10.8mil in the same quarter last year. Revenue for the latest quarter came in at RM271.2mil against RM247.6mil a year ago.  

Meanwhile, associated company AFFIN HOLDINGS BHD reported a net profit of RM96.6mil for its first half compared with RM29.2mil a year ago. The latest figure represents earnings per share of 9.09 sen compared with 1.82sen previously.  

The significantly higher profit for the group was due to lower loan loss provisioning for its banking and financing operations. As at June 30, the group’s loan loss provisioning stood at RM2.5mil compared with RM35.8mil on March 31. 

Affin, which is 26.3% owned by the Boustead group, registered a turnover of RM734.5mil for six months under review, compared with RM764.8mil a year ago.  

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