KUALA LUMPUR, May 30 — Boustead Holdings Bhd (Boustead) recorded a net loss of RM22.4 million for the first quarter ended March 31, 2019 from a net profit of RM6.1 million in the same period last year.
Revenue, however, rose to RM2.5 billion from RM2.3 billion previously, due to higher contributions from the trading and industrial, pharmaceutical and heavy industries divisions, it said in a filing with Bursa Malaysia today.
The company said it remained cautiously optimistic on long-term prospects despite the slowdown in global and domestic demands.
Meanwhile, Boustead anticipated external demand to weaken in the coming months which would weigh on Malaysia’s export-reliant economy, adding that the economy would be heavily reliant on domestic demand to steer growth.
“However, stable labour market conditions and capacity expansion in key sectors will continue to drive household and capital spending and the reduced overnight policy rate is expected to stimulate growth,” it said.
Boustead added that the diversified nature of the company in six core areas of the Malaysia economy would augur well for the group, and the fundamental strength would make it more resilient to economic shocks. — Bernama