RM57m profit for Boustead Plantations

  • Business
  • Thursday, 26 Feb 2015

PETALING JAYA: Boustead Plantations Bhd recorded a net loss of RM965,000 for its fourth quarter ended Dec 31, 2014 compared with a net profit of RM298.3mil a year ago.

For its full-year results, it posted a net profit of RM57.2mil on the back of RM717mil in revenue, with revenue for the quarter under review amounting to RM167.2mil.

However, Boustead said in a statement that it had registered an increased operating profit of RM90mil compared with RM76mil a year earlier, led by better crude palm oil (CPO) production and palm product prices.

“The previous year’s profit before tax of RM359.3mil included exceptional items such as gains on the disposal of plantation land to Boustead Properties Bhd of RM93mil, fair value gains on the deemed disposal of investment securities of RM137mil and a special dividend from Al-Hadharah Boustead Real Estate Investment Trust of RM54mil,” it said.

The board has also declared a dividend of two sen per share, bringing total dividends to date to six sen per share for its financial year 2014.

Earnings per share for the 12-month period was 4.3 sen, while net assets per share stood at RM1.43.

Boustead Plantations vice-chairman Tan Sri Lodin Wok Kamaruddin said it would strengthen its resolve to improve operational efficiency with a view to enhancing yields for both CPO and palm kernel (PK) for the coming financial year.

“Of course, we will be mindful of CPO price trends, which will be impacted by external factors such as crude oil prices, stock levels and import quotas by key international markets,” he said.

The group said the average selling price for CPO for the full year was RM2,401 per tonne compared with RM2,353 per tonne in the previous year, while average PK increased 31% to RM1,679 per tonne.

Fresh fruit bunch production for the year under review amounted to around 1.04 million tonnes.

“CPO production increased by 4% to 247,198 tonnes, supported by a higher oil extraction rate of 21.8% compared with 20.9% for the previous corresponding period,” it said.

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