Boustead Plantations shares up on surge in Q3 earnings

PETALING JAYA: Boustead Plantations Bhd’s share price rose 1.16% this morning after reporting a surge in its earnings for the third quarter ended Sept 30, 2017.
At 10.55am, its share price rose 1.16% or 2 sen to RM1.75 with a total of 3.38 million shares traded. The stock rose 12 sen or 7.5% to close at RM1.73 yesterday on some 5.55 million shares traded.
The company’s net profit for the quarter under review leaped 15 times to RM562.42 million from RM37.36 million in the same quarter a year ago, mainly due to a land disposal gain of RM555 million.
Its revenue, however, declined 8% to RM183.43 million from RM199.33 million. The group proposed to declare an interim dividend of 3 sen and a special dividend of 7 sen per share.
For the first nine months of the year, its net profit jumped more than three-fold to RM628.8 million from RM177.5 million on the back of a 6% increase in revenue to RM541.93 million from RM511.23 million.