Boustead net profit in Q1 jumps to RM41m
Boustead Holdings Bhd’s net profit jumped to RM40.9 million in the first quarter ended March 31 2017 from RM9.5 million recorded in the same quarter a year ago.
Boustead said the better net profit was due to higher contribution from its plantation, finance and investment, and trading and industrial divisions.
Group revenue during the quarter increased 27.9 per cent to RM2.38 billion from RM1.86 billion.
“Given the diversified nature of the group, we are pleased that most of our divisions have performed well. Our plantations division led the way delivering good year-on-year growth, followed by our trading and industrial division,” said deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin.
“We are conscious that there are tough market conditions ahead, both regionally and internationally, which will definitely have an impact on local sentiments. Nevertheless, our six divisions are focused on tightening operational efficiencies and enhancing organic growth with a view to deliver on the bottom line,” he added. Boustead declared a first interim dividend of 2.5 sen for the financial year ending December 31 2017. The dividend will be paid on June 23, it said.