Boustead back to profitability in Q3

KUALA LUMPUR: Boustead Holdings Bhd rebounded to record a net profit of RM55.7 million in its third quarter ended Sept 30, 2021 from a net loss of RM51.8 million in the same period a year earlier.

In a filing with Bursa Malaysia today, the group said the improvement was driven by driven by strong performance, particularly from the plantation and pharmaceutical divisions.

Meanwhile, revenue for the quarter increased to RM3.68 billion from RM1.89 billion year-on-year.

For the nine-month period, Boustead recorded a net profit of RM91.5 million from a net loss of RM198.6 million, while revenue for the period jumped to RM8.35 billion against RM6.56 billion previously amid stronger performance in all divisions, particularly plantation, pharmaceutical and trading, finance and investment.

"The bottom line was also bolstered by one-off gains on disposal of a hotel, Royale Chulan Bukit Bintang, and an investment property of RM84.6 million and RM13.1 million respectively,” said Boustead.

Moving forward, the group said it would remain steadfast in its efforts to strengthen its operational and financial position driven by the Reinventing Boustead strategy.

It noted that under this strategy, Boustead aims to accelerate value creation with performance improvement programmes, tap into new revenue sources, rationalise non-strategic assets and venture into the technology sector and digital services. - Bernama
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