Boustead’s earnings boosted by disposal of land

by TMR

Boustead Holdings Bhd posted a net pro t of RM312.4 million, an increase of 610% year-on-year (YoY), for the third quarter ended Sept 30, 2017, due to a one-off gain from its disposal of plantation land of RM554.9 million.

In an exchange filing last Thursday, the diversified group noted a 22.3% YoY rise in revenue to RM2.47 billion as its key business divisions reported higher turnovers for the period.

Its nine-month period revenue of RM7.2 billion was helped by higher turnover from its plantation, trading and industrial and heavy industries units that helped mitigate the lower revenue from its property, finance and investment divisions.

Boustead noted the plantation division’s outlook will be dependent on the price of crude palm oil and crop production. The group declared a three sen dividend.