KUALA LUMPUR, March 31 — Boustead Holdings Bhd’s net loss for the financial year ended December 31, 2020 declined to RM550.9 million from RM1.28 billion in the same period a year earlier.
Revenue decreased 24 per cent to RM7.86 billion from RM10.32 billion due to lower earnings from all divisions including property and industrial as well as plantation divisions.
For the fourth quarter, Boustead reduced its net loss to RM352.3 million from RM1.12 billion in the same quarter previous year.
Revenue slipped to RM2.21 billion from RM2.54 billion, it said in a filing with Bursa Malaysia.
On outlook, the group expects 2021 to remain challenging with the reimposition of travel restriction nationwide during the first quarter.
The impact, however, is anticipated to be less severe than that experienced in 2020, on the back of the effective Covid-19 vaccine programme rollout, it said.
Meanwhile, the group’s subsidiary, Bousted Heavy Industries Corporation Bhd’s net loss decreased to RM50.58 million for the financial year ended December 31, 2021 from RM116.64 million in the same period in 2019.
This was mainly due to net reversal of expected credit losses of RM5.4 million.
Revenue also declined to RM150.10 million from RM168.92 million previously.
Current year revenue was mainly from the submarine contracts and other defence-related maintenance, repair and overhaul works undertaken for the Royal Malaysian Navy’s ships.
For the fourth quarter, the company’s net loss dropped to RM74.50 million from RM118.55 million.
Similarly, revenue decreased to RM32.43 million from RM42.28 million. — Bernama
