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Saturday, March 1, 2008

Boustead nets RM179m in Q4

DIVERSIFIED Boustead Holdings Bhd said its fourth quarter net profit rose eight per cent as better sales were offset by higher interest and tax charges.

It is bullish of its performance this year, which will be driven by strong palm oil prices and better demand for its properties.

Boustead also expects its banking arm, Affin Holdings Bhd, to do better this year.

"Property Division will continue to be a major profit contributor, with profit deriving mainly from the Mutiara Damansara and Mutiara Rini Johor projects.

"Affin Group is expected to produce better results for the coming year," it said in a statement to Bursa Malaysia yesterday.

It reported a net profit of RM179.2 million for the quarter to december 31, 2007. Revenue more than doubled to RM2.2 billion.

For the full year, net profit more than doubled to RM477.7 million while revenue was up 40 per cent to RM5.75 billion.

This was mainly boosted by a RM162 million gain from an asset-backed securitisation deal.

Boustead plans to pay 18 sen a share in dividends, which includes a 10-sen bonus payout.

Affin Group grew its pre-tax profit to RM352.97 million, up 12 per cent mainly due to the increase in net interest income, other operating income and Islamic banking income.

Loan loss provision and impairment losses were also lower.

By New Straits Times

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