Boustead Holdings profit drop 25% to RM50.8m in 2Q

KUALA LUMPUR: Boustead Holdings Bhd’s profit fell 25% to RM50.80mil in the second quarter ended June 30, 20145 from RM67.70mil a year ago due to the weaker performance in its trading and industrial division and also the slump in crude palm oil (CPO) prices.

It said on Monday profit attributable to shareholders or earnings were RM2.9mil compared with RM34.60mil. Revenue was down 14.7% to RM2.207bil from RM2.588bil. Earnings per share were 0.28 sen compared with 3.35 sen a year ago.

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Boustead said the weaker financial performance was due to the trading and industrial division’s turnover due to the decline in volume and fuel price.

The plantation division reported lower revenue mainly due to a drop in palm product prices.

In the first half, its profit was down 41% to RM93.90mil from RM159.10mil in the previous corresponding period while earnings fell to RM3mil from RM91mil. Its revenue fell 19.4% to RM4.099bil from RM5.088bil.