MARKET DEVELOPMENT
Boustead Plant Sees Gains Of RM120 Million From Sale Of Non-Core Land
Boustead Plant Sees Gains Of RM120 Million From Sale Of Non-Core Land
28/03/2016 (Bernama) - Boustead Plantations Bhd expects to complete the disposal of a further 230 hectares of non-core landbank which will allow it to achieve gains RM120 million this year.
"We will continue to assess the effective usage of our landbank while keeping in mind the objective of staying true to our core business," Chief Executive Officer, Fahmy Ismail, said in the group's Annual Report 2015.
He said the Malaysian government targeted to implement the B10 biodiesel programme with the aim of one million tonnes of crude palm oil (CPO) usage annually.
"This effort is expected to contribute to the increase in CPO domestic consumption, a reduction of stock build-up and the strengthening of domestic CPO prices," he said.
For the financial year ended Dec 31, 2015, Boustead's pre-tax profit rose to RM95 million from RM90 million in 2014, driven by gains on non-core land disposal, amounting to RM57 million.
Its revenue, however, declined to RM615.2 million against RM717.3 million a year ago.
"We will continue to assess the effective usage of our landbank while keeping in mind the objective of staying true to our core business," Chief Executive Officer, Fahmy Ismail, said in the group's Annual Report 2015.
He said the Malaysian government targeted to implement the B10 biodiesel programme with the aim of one million tonnes of crude palm oil (CPO) usage annually.
"This effort is expected to contribute to the increase in CPO domestic consumption, a reduction of stock build-up and the strengthening of domestic CPO prices," he said.
For the financial year ended Dec 31, 2015, Boustead's pre-tax profit rose to RM95 million from RM90 million in 2014, driven by gains on non-core land disposal, amounting to RM57 million.
Its revenue, however, declined to RM615.2 million against RM717.3 million a year ago.