KUALA LUMPUR, Aug 28 — Boustead Holdings Bhd has reported a net profit of RM24.3 million in its second quarter ended June 30, 2019 compared with a net loss of RM27.6 million in the same period last year, boosted by gains from the disposal of plantation land worth RM120 million.
Revenue was higher at RM2.54 billion from RM2.43 billion previously.
For the six-month period, Boustead posted a net profit of RM1.9 million against a net loss of RM21.5 million, while revenue stood at RM5.05 billion from RM4.73 billion previously.
Managing Director Datuk Seri Amrin Awaluddin said all divisions contributed positively the the group’s bottom line, with the exception of the heavy industries and property divisions.
The trading and industrial division was the key contributor for the six-month period, primarily supported by increased contributions from Boustead Petroleum Marketing Sdn Bhd, which recorded a higher stockholding gain as well as better margins and sales volumes.
This mitigated the lower contribution from UAC Bhd.
Meanwhile, the plantation division registered a pre-tax profit of RM70 million compared with a deficit in the same period last year.
However, the property division posted a deficit of RM22 million while the heavy industries division recorded a deficit of RM63 million on the back of weaker results from its operating units.
Moving forward, the group will continue to improve operational efficiencies and cost optimisation measures. — Bernama
