Boustead Plan­ta­tions aided by higher palm prices

The Sun (Malaysia) - - SUNBIZ -

PETAL­ING JAYA: Boustead Plan­ta­tions Bhd’s net profit for the third quar­ter ended Sept 30, 2016 (Q3FY16) in­creased 58% to RM37.36 mil­lion, from RM23.64 mil­lion in the same pe­riod last year, due mainly to bet­ter palm prod­uct prices and lower op­er­at­ing ex­pen­di­ture.

Rev­enue grew al­most 20% to RM199.33 mil­lion, from RM166.55 mil­lion in the pre­vi­ous cor­re­spond­ing quar­ter.

The group said its per­for­mance for the rest of the year will be much driven by crude palm oil (CPO) prices and crop pro­duc­tion. It ex­pects CPO and palm ker­nel prices to re­main favourable, while the block­ades in Sarawak es­tates and the El Nino weather ef­fects would af­fect crop pro­duc­tion.

For the nine months pe­riod, Boustead Plan­ta­tions’ net profit more than dou­bled to RM177.5 mil­lion, from RM79.6 mil­lion a year ago, while rev­enue was up 13% to RM511.2 mil­lion, from RM451.8 mil­lion pre­vi­ously.

In a fil­ing with Bursa Malaysia yes­ter­day, the group said dur­ing the nine-month pe­riod, the CPO price in­creased 15% to RM2,475 a tonne, from RM2,160 a tonne pre­vi­ously.

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