KUALA LUMPUR, May 26, 2014 – Boustead Holdings Berhad (Boustead) started off the new financial year on a good note, registering a profit before tax (PBT) of RM133 million and a profit after tax of RM91 million for its first quarter ended 31 March 2014. This was achieved on the back of a turnover of RM2.5 billion. Earnings per share (EPS) was 6.4 sen while net assets per share stood at RM5.05.

In tandem with the Group’s dividend policy, the Board of Directors declared a single tier dividend of 7.5 sen per share for the period under review.

YBhg Tan Sri Dato’ Seri Lodin Wok Kamaruddin, Deputy Chairman/Group Managing Director, Boustead Holdings Berhad, said, “We have started the year on a positive note, led by the Plantation Division delivering a good profit compared with the same period last year. The other Divisions have also performed satisfactorily and we expect the Property Division to do better as the year pans out. As for the Heavy Industries Division, we are optimistic they will be able to improve during the later part of the year.”

“We are fully conscious that consumer sentiment and inflation will have an impact on some of our Divisions which have a direct interface with consumers. As for the Divisions which are involved in business to business clientele, we are positive this segment will deliver organic growth. Above all, we look forward to the listing of Boustead Plantations Berhad which will be a major corporate undertaking during this financial year,” added YBhg Tan Sri Dato’ Seri Lodin.

The Plantation Division was a major contributor to the Group, with a PBT of RM41 million compared with RM31 million in the same period last year. The results were mainly due to improved crude palm oil (CPO) prices as the Division delivered an average CPO price of RM2,629 per metric tonne (MT). Fresh fruit bunches totalled 253,108 MT for the period under review.

The Pharmaceutical Division reported an improved set of results, posting a PBT of RM32 million compared with RM30 million in the same period last year. Cost optimisation measures and efficiency improvements along with a drop in provision for doubtful debts were contributing factors.

The Finance and Investment Division registered a profit of RM28 million compared with RM25 million in the previous year’s corresponding quarter. The Division’s results were supported by solid contributions from Affin Holdings Berhad as well as lower interest costs at the Group level.

As for the Heavy Industries Division, it recorded a deficit of RM4 million due to a drop in revenue. However, one of the key business units within this Division, MHS Aviation, performed well and delivered a profit of RM10 million.

The Trading and Industrial Division brought in a profit of RM29 million, a marginal dip compared with the same period last year. BHPetrol enjoyed better volumes but was impacted by stockholding loss during the period under review.

For the current period, the Property Division delivered a profit of RM8 million, largely due to lower progress billings and the absence of the sale of corporate lots.

Since its inception as a modest trading entity more than 180 years ago, the Boustead Group has grown by leaps and bounds to comprise more than 90 subsidiaries, associate companies and joint ventures, and has substantial interests in various sectors of the Malaysian economy. The Boustead Group’s operations are focused in six key areas; plantation, heavy industries, property, finance & investment, trading & industrial and pharmaceutical. As at 31 March 2014, Boustead Holdings Berhad’s paid-up capital was RM517 million while its shareholders’ funds stood at RM5.2 billion. Market capitalisation is currently in excess of RM5.6 billion.

Forward looking statements
This release may contain certain forward-looking statements with respect to the financial conditions, results of operations and business of the Group and certain plans and objectives of Boustead Holdings Berhad with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.


Issued on behalf of: Boustead Plantations Berhad
By: acorn communications sdn bhd
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Lilyza Joehai at 019 664 3838 or Yasmin Kadir at 017 237 9048
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