Monday, November 21, 2011

#Flash* Boustead 3Q net profit up 31.5% to RM120.9m

KUALA LUMPUR (Nov 21): BOUSTEAD HOLDINGS BHD [] net profit for the third quarter ended Sept 30, 2011 jumped 31.55% to RM120.90 million from RM91.9 million a year earlier, due mainly to higher sales volume and firmer palm product prices.

The company said on Monday that its revenue for the quarter rose 44.6% to RM2.19 billion from RM1.51 billion in 2010.

Earnings per share rose to 12.86 sen from 9.83 sen a year earlier, while net assets per share was RM4.63.

The company declared a third interim single tier dividend of 12 sen per share to be paid on Dec 30.

For the nine months ended Sept 30, Boustead's net profit rose 27.3% to 418.3 million from RM328.6 million in 2010 while revenue jumped to RM6 billion from RM4.49 billion.

Reviewing its performance, Boustead said the higher sales volume had contributed toward the increase in revenue for its manufacturing and trading division, while the PLANTATION [] division was boosted by stronger palm product prices.

It said the first time consolidation of Pharmaniaga during the second quarter had also boosted revenue of its pharmaceutical division.

On its prospects, Boustead said on the overall, the group expected to register satisfactory results for the current financial year.

It said plantation's earnings would very much be dependent on palm oil prices that were expect stay at attractive levels for the remainder of the year, and thus enable the division to deliver very strong earnings for FY2011.

It also said the negotiations for the contract to construct six naval vessels was progressing well and would have a positive effect on the earnings of the heavy industries division.

On its property division, Boustead said it was looking forward to stable recurring income from its portfolio of commercial and retail PROPERTIES [] and the expansion of the hotel operations.

Meanwhile, contributions from Pharmaniaga together with the improved performance from Boustead's pharmaceutical manufacturing operation would augur well for the pharmaceutical division, it said.

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