Boustead posts higher profit after tax of RM560m, to pay 7.5 sen dividend

by **Cals** Fri 28 Feb 2014, 01:27

Business & Markets 2014

Written by Jonathan Gan of theedgemalaysia.com

Thursday, 27 February 2014 18:37

KUALA LUMPUR (Feb 27): Boustead Holdings Berhad delivered strong results for the financial year ended 31 December 2013, with a higher profit after tax (PAT) of RM560 million, up by 12% compared with RM499 million in the previous financial year.

Profit before tax (PBT) increased to RM708 million from RM593 million last year. This was achieved on the back of a turnover of RM11.2 billion compared with the previous year’s RM9.8 billion.

Tan Sri Dato’ Seri Lodin Wok Kamaruddin, deputy chairman/group managing director of Boustead Holdings Berhad said, “Our strong results were supported by a gain of RM137 million on the disposal of investments, following the successful privatisation of Al-Hadharah Boustead REIT.”

For its fourth quarter ended 31 December 2013, the group registered a PAT of RM228 million. This represents a 50% increase from RM152 million in the previous year’s corresponding quarter.

PBT for the quarter under review jumped substantially by 78% to RM281 million while revenue improved to RM3.6 billion.

The company announced a dividend of 7.5 sen per share for the financial year. This will bring total dividends for the year to 30 sen per share.

The property division was the primary contributor to the group during the financial year, delivering an improved profit of RM215 million compared with RM161 million last year. This was achieved due to higher progress billings and the sale of corporate lots.

The remaining divisions of the company, which include plantation, trading & industrial, finance & investment, pharmaceutical divisions had all recorded lower profits.

Its heavy industries division had recorded a loss of RM89 million compared to last year’s loss of RM124 million which the company attributed to the upward revision of costs and overruns arising from ship repair projects.

“We will remain focused on achieving organic and inorganic growth as we move forward, as well as pursuing new opportunities to enhance the Group’s prospects,” said Lodin.