,Boustead group managing director Datuk Seri Mohammed Shazalli Ramly
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KUALA LUMPUR: Boustead Holdings Bhd recorded a smaller net loss of RM352.3mil in the fourth quarter ended Dec 31, against RM1.12bil in the same quarter a year ago.
In 4Q20, the group had a significantly lower impairment of property, plant and equipment, right-of-use assets and goodwill at RM159.3mil as compared to RM1.14bil in the same period in FY2019.
Its revenue for the period was marginally lower at RM2.21bil from RM2.53bil.
For the full financial year ended Dec 31, 20 (FY20), Boustead’s net loss narrowed to RM550.9mil from RM1.27bil in FY19 on lower impairments.
In FY2020, Boustead posted revenue of RM7.86bil, a 24% decrease from RM10.32bil in FY2019 primarily due to lower average price and sales volume for fuel and variation in milestones achieved in the heavy industries business.
Boustead said this was exacerbated by the adverse impacts of the COVID-19 pandemic on hotels, property and tourism-related businesses.
Nevertheless, plantation division rebounded with a higher revenue on the back of improved palm product prices and fresh fruit bunches (FFB) production.
Boustead’s plantation division posted a profit before taxation (PBT) of RM83.3mil FY20 compared to a loss before tax of RM135.4mil in FY19.
Its pharmaceutical division has returned to black in FY20 after recorded a PBT of RM29.8mil after experiencing LBT RM207mil in the previous fiscal year.
The heavy industries division recorded a lower LBT of RM107.4mil compared to LBT of RM1.04bil in FY19 due to the reduction in impairment of goodwill at RM36.1mil.
Its property and industrial division closed the year with a higher LBT of RM343.2mil against LBT RM46.7mil inFY19.
Group managing director Datuk Seri Mohammed Shazalli Ramly said while the economic condition may be seen as challenging for the group’s performance, it is seeing a lot of positive news from our pharmaceutical and plantations businesses.
“We are working hard to resolve the key issues plaguing our heavy industries business within this year and with the Government's Covid-19 vaccination programme currently underway, we hope that the tourism and property industries will slowly be reinvigorated,” he said in a statement.
Shazalli said that Boustead is strongly focused on progressing its ‘Reinventing Boustead’ which is a strategy to rejuvenate the group and put it on a stronger footing over the next three years.