Its job scope for the contract involves supplying concrete cement and metal for the upgrading of the Train Cargo Terminal at Padang Besar, Perlis, Dolphin said in a filing with Bursa Malaysia.
KUALA LUMPUR: Boustead Holdings Bhd posted a net loss of RM27.6mil in Q2 ended June 30, 2018 versus a net profit of RM52.5mil in the same quarter in 2017.
Revenue for the quarter under review came in at RM2.37bil, slightly under RM2.39bil in the year-ago quarter.
The group declared a second interim dividend of one sen per share, bringing the total payout year to date to 3.5 sen per share.
According to the group, the weaker performance was due to reduced contributions from the plantation, heavy industries and property divisions.
For the six months to June 30, Boustead recorded a net loss of RM21.5mil versus a net profit of RM48.5mil in the same period last year.
Revenue for the period dipped by 3% to RM4.62bil from RM 4.8bil in the comparative period.
The trading and industrial division was the key contributor for the first half of 2018 with an increased profit before tax of RM74.1mil from RM47.4mil in the 2017 period, attributable to stockholding gains as well as better operating margins and sales volumes.
The finance and investment, and pharmaceutical divisions also contributed higher profits before tax of RM51mil and RM32mil respectively.
The plantation division saw a net loss of RM18.4mil in the six months versus a profit before tax of RM59.4mil in 1H2017 as the bottomline was impacted by palm product prices and higher operating costs.
"For 6MFY18, the average selling price of CPO was RM2,457 per MT, down by RM512 or 17% from RM2,969 per MT in 6MFY17. Similarly, the average PK price of RM2,001 per MT was lower by RM619 or 24% from RM2,620 per MT in 6MFY17. "
The property division posted a deficit of RM19mil due to weaker results from the property development and hotel segments as well as unrealised exchange loss from property investment.
The heavy industries division recorded a RM30mil deficit on the back of weaker performances from all its operating units.
"Boustead Heavy Industries
Corporation posted a lower contribution as the bottom line for last year’s corresponding period was bolstered by conditional variation order claims for Belum topside project.
"Meanwhile, Boustead Naval Shipyard incurred a deficit due to weaker performance from both shipbuilding and ship repair activities. MHS Aviation also registered a deficit as its current operation is being scaled down," the group said.
For the remainder of the financial year, Boustead said the diversified nature of Boustead in six core areas of the Malaysian economy will augur well for the group.
"Long-term prospects for Malaysian economy are positive, which are supported by strong economic fundamentals, a sound financial system, an accommodative monetary policy as well as the implementation of various Government initiatives," it said.
Limited time offer:
Just RM5 per month.
