Boustead Plantations returns to the black

BPlant posted a net profit of RM15.2mil for the third quarter against a net loss of RM352,000 a year earlier.

PETALING JAYA: Boustead Plantations Bhd (BPlant) aims to cut cost, boost productivity through mechanisation, and replant less productive oil palm stands to counter potential risks in the palm oil market.

Despite the expected presence of the El Niño weather pattern, Malaysia’s palm oil production is projected to rise in 2024, BPlant said in a filing with Bursa Malaysia.

In the third quarter ended Sept 30, 2023 BPlant posted a net profit of RM15.2mil against the net loss of RM352,000 registered in the corresponding quarter last year.

Its revenue was lower at RM202.5mil from RM240.2mil a year prior, while earnings per share stood at 0.68 sen against a loss per share of 0.02 sen last year.

For the first nine months, it posted a net profit of RM14.9mil, down from RM508.02mil, while revenue fell 33.9% to RM603.5mil from RM913.4mil.