Boustead net loss narrows to RM51.8m in Q3

Chairman Datuk Seri Mohamed Khaled Nordin said the current environment is expected to remain challenging, nevertheless, Boustead will be focused on progressing its transformation plan to put the group on a stronger footing over the next three years. ― Picture by Hari Anggara
Chairman Datuk Seri Mohamed Khaled Nordin said the current environment is expected to remain challenging, nevertheless, Boustead will be focused on progressing its transformation plan to put the group on a stronger footing over the next three years. ― Picture by Hari Anggara

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KUALA LUMPUR, Nov 30 — Boustead Holdings Bhd’s net loss narrowed to RM51.80 million for the third quarter (Q3) ended September 30, 2020 from a net loss of RM155 million in the same period last year.

Revenue declined to RM1.89 billion from RM2.73 billion.

In a filing with Bursa Malaysia, the group attributed the lower net loss to the impairment of property, plant, equipment, and goodwill amounting to RM161 million which affected its performance in Q3 last year.

Chairman Datuk Seri Mohamed Khaled Nordin said the current environment is expected to remain challenging, nevertheless, Boustead will be focused on progressing its transformation plan to put the group on a stronger footing over the next three years.

“As we adapt to the new normal, we will continue to work towards ensuring continuity of operations for our core businesses and improving efficiencies to mitigate the impact of Covid-19, while seeking opportunities to expand into new business streams to improve the Group’s long-term prospects,” he added. — Bernama

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