Thursday, August 18, 2011

Boustead's 2Q earnings up 26.4% to RM185.2m

KUALA LUMPUR: BOUSTEAD HOLDINGS BHD []'s earnings rose 26.4% to RM185.20 million in the second quarter ended June 30, 2011 from RM146.5 million a year ago boosted by the inclusion of Paharmaniaga and also the manufacturing and trading division.

It said on Thursday, Aug 18 its revenue increased by 56% to RM2.225 billion from RM1.425 billion a year ago. Earnings per share were 19.7 sen versus 15.67 sen.

In the first half, its net profit increased by 25.6% to RM297.40 million from RM236.70 million while turnover rose by 28% to RM3.812 billion from RM2.978 billion.

'Higher sales volume had contributed to a 25% increase in revenue for the manufacturing and trading division, while the PLANTATION [] revenue had increased by 25% on stronger palm product prices.

'The first time consolidation of Pharmaniaga during the second quarter had also boosted revenue of the pharmaceutical division which had chalked up sales of RM461 million (2010: RM34 million),' it said.

Boustead said for the cumulative period, the plantation division contributed a significantly higher pre-tax operating profit of RM172.8 million (2010: RM92.4 million).

There was a further gain of RM94.6 million from the disposal of plantation assets to AL-HADHARAH BOUSTEAD REIT []. During the half year, the division achieved an average palm oil price of RM3,441 per tonne, an increase of RM946 or 38% from the average of RM2,495 per tonne a year ago.

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