By BERNAMA
Boustead Holdings Bhd’s pre-tax profit for the first quarter (1Q) ended March 31, 2013 declined to RM174.9 million from the RM222.9 million recorded in the same quarter last year.
Revenue, however, rose to RM2.531 billion from RM2.358 billion previously, the company said in a filing to Bursa Malaysia today.
In a separate statement, Boustead said the Group’s results were strongly influenced by lower crude palm oil (CPO) prices which impacted the plantation division
“These results were achieved on the back of an increased turnover of RM2.5 billion compared with RM2.4 billion recorded in 1Q last year.
“The division was severely impacted by depressed commodity prices and a decline in crop production for the period under review, registering a profit of RM31 million compared with RM92 million for the same period in 2012,” it said.
Boustead noted the property division was the major contributor to performance, delivering a profit of RM33 million.
Going forward, Deputy Chairman/Group Managing Director Lodin Wok Kamaruddin said Boustead will heighten its efforts and seek out new opportunities while focusing on improving organic growth.
“We are confident that our strong fundamentals in terms of diversified income streams and viable businesses, will allow us to accomplish this and deliver a profitable year,” he added.
– BERNAMA
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