KUALA LUMPUR: Boustead Plantation Bhd’s pre-tax profit for the second quarter (Q2) ended June 30, 2015 rose to RM53.3 million from RM21 million in the same period last year.
Revenue, however, fell to RM153.4 million from RM188.8 million previously.
In a filing to Bursa Malaysia today, the company attributed the higher pre-tax profit to the gain of RM39.1 million from the disposal of the land.
Moving forward, it said, palm oil production from Sarawak was likely to remain challenging as blockades continue unabated.
“Malaysian exports are expected to benefit from the reduction in plam oil global supply originating from the Indonesian government’s new regulation on collecting levies on crude palm oil (CPO) exports and processed palm products.
“The strengthening of soyaoil prices and the weakening of the ringgit have also resulted in a wider CPO discount to soyaoil which is likely to boost the demand for palm oil,” it said.– BERNAMA