Boustead post profit of RM185.9 million for 2Q 2010

KUALA LUMPUR: Boustead Holdings Bhd posted pre-tax profit of RM185.9 million in its second quarter (2Q) ended June 30, up 126% from the corresponding period last year.

The group's revenue of RM2.98 billion for the first half of 2010 was also 20% higher than that posted during the corresponding period last year.

Boustead said on Monday, Aug 23 that the property division's pre-tax profit of RM30.8 million for the six months' period was 23% lower than last year can be attributed to declining contribution from property development activity.

However, the group expects stable recurring income from its portfolio of commercial and retail properties, as well as expansion of hotel operations for the remainder of the year.

Meanwhile, plantation earnings will be dependent on palm oil prices, while the heavy industries division is expected to benefit from recovery in the oil and gas sector. The other divisions are expected to show satisfactory performance.

It declared a single tier dividend of 10 sen per share to be paid to shareholders on Sept 28.