Manufacturing, plantation earnings boost Boustead’s net profit

PETALING JAYA: Diversified conglomerate Boustead's net profit for the third quarter ended September 30 surged 31.55% to RM120.90 million from a year ago on higher sales volume for the manufacturing and trading division and stronger palm product prices.

Revenue for the quarter under review surged 44.57% to RM2.18 billion. The company said in a stock exchange filing that year-to-date revenue was boosted by a 31% jump in revenue from the manufacturing and trading division while the plantation division's revenue rose by 26% due to stronger palm product prices.

It said the first-time consolidation of Pharmaniaga (which the company took private earlier in the year) during the second quarter boosted the pharmaceutical division, which chalked up sales of RM858 million as against the corresponding period's RM67 million.

Meanwhile, the finance and investment division posted a pre-tax profit of RM38 million compared to the corresponding period's RM125.6 million largely due to higher interest expense and the previous year's sale of a subsidiary.

The company declared in a separate statement a third interim dividend of 12 sen per share.