Boustead Plantations aided by higher palm prices
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.