Higher Q3 profit for Boustead

Boustead Holdings Bhd's (2771) said net profit improved to RM125 million in the third quarter to September this year compared with RM109 million a year ago.


For the nine-month period, it said net profit reached RM390 million, against RM239 millon in the same period last year.

Revenue for the period was also higher at RM4.5 billion compared with RM3.9 billion previously.

Boustead has again declared a single-tier dividend of 12 sen per share, bringing total dividend to date for the financial year to 27 sen.

This represents a 106 per cent rise in net dividend declared compared with the first nine months of financial year 2009.

Earnings per share (EPS) for the period was 35.2 sen and net asset per share was RM4.35 ( December 31 2009: RM4.20).

"Looking ahead, all the elements are in place for another year of growth for the group as we have already realised some of our strategies in delivering our earnings track record. Coupled with this fact, with crude palm oil prices performing very well, we expect our plantation division to be a driving force in delivering enhanced profitability to the group's bottom line," deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin said in a statement yesterday.

For the nine-month period, the plantation division contributed significantly, delivering a profit of RM132 million against RM51 million in 2009.

The finance & investment division achieved strong results, delivering a profit of RM120 million compared with RM30 million previously.

The trading division's profit totalling RM45 million was a twofold rise over last year's RM22 million.

Its manufacturing and services division closed the nine-month period with a profit of RM29 million, representing a 45 per cent improvement while the group's heavy industries division recorded a profit of RM99 million, lower than last year's profit of RM113 million.

Boustead said its property division's profit of RM49 million for the period was 17 per cent lower than last year, mainly due to the drop in contribution from property development activities.



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