Higher CPO prices drive Boustead Plantations’ profitability

by NUR HANANI AZMAN / Pic by TMR FILE PIX
 
BOUSTEAD Plantations Bhd recorded a net profit of RM12.26 million in the first quarter ended March 31, 2021 (1Q21), from a net loss of RM9.55 million in 1Q20.
 
The oil palm planter’s revenue increased by RM9.2 million, or 5.7%, to RM171.9 million in 1Q21 from RM162.7 in the same period last year, due to improved prices of palm products which led to the profit from operations of RM33.4 million.
 
“Crude palm oil (CPO) realised an average selling price of RM3.751 a tonne, which was above 1Q20’s average price of RM2,793 a tonne. 
 
“Palm kernel prices increased to RM2,520 a tonne, rising by RM820 per tonne,” it said in a bourse filing today.
 
The group also declared a dividend of 0.3 sen per share, payable on June 30, 2021. 

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