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Boustead's net profit rises 12pc to RM560m

February 27, 2014

KUALA LUMPUR: Boustead Holdings Bhd's net profit rose 12 per cent to RM560 million in the year ended December 31 2013, from RM499 million previously.

Group turnover expanded to RM11.2 billion from RM9.8 billion in 2012, Boustead said in a statement yesterday.

For its fourth quarter, the group registered a net profit of RM228 million, up 50 per cent from RM152 million in the previous year's corresponding quarter.

Revenue for the quarter improved to RM3.6 billion, while earnings per share for the 12-month period was 46 sen, and net assets per share stood at RM5.06 as at December 31 last year.

"Though the year was not without its challenges, our group has performed satisfactorily.

"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," said Boustead group chairman Tan Sri Lodin Wok Kamaruddin.

Boustead will pay a dividend of 7.5 sen per share for 2013. This will bring total dividend for the year to 30 sen a share. To date, dividends amounting to 22.5 sen per share have been paid to shareholders. The remaining amount will be paid on March 31 to shareholders on the register as at March 17.

On its outlook, Lodin said: "As the global economy looks to be on the path to recovery, we are optimistic that we will be able to grow."

He added that despite the sluggish performance of crude palm oil in 2013, prospects are improving as CPO prices grow stronger.

"We are well on track to completing our corporate exercise to unlock the value of our plantation assets, with the IPO and listing of Boustead Plantations Bhd slated for completion in the year ahead," he said.

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Source: Business Times (Malaysia)

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