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Saturday, March 1, 2008

UEM World net profit surges 382%

Full-year revenue also rises to a record RM7bil

PETALING JAYA: UEM World Bhd announced a record RM7bil revenue for the financial year ended Dec 31 (FY07), an increase of 46% compared with RM4.8bil in FY06.

Group net profit saw 382% growth to RM939.2mil against RM194.9mil in FY06.

According to a company statement, UEM World had set aggressive headline key performance indicators (KPIs) for 2007.

Targeted returns for shareholders were exceeded with return on equity for the year at 41% compared with the target of 38% while revenue growth at 46% fell short of the target of 65%.

In the statement, chief executive officer Datuk Ahmad Pardas Senin said: “Our 2007 performance is based on excellent contributions from most of our units and will be the platform for further improvements, going forward.”

“Sustainability” was the key theme for establishing the group's KPI targets for FY08, which was a revenue growth of 13% and a return on equity of 13%.

Boustead Holdings Bhd posted a 114% increase in pre-tax profit to RM828.81mil for FY07 compared with FY06's pre-tax profit of RM386.43mil.

At the same time, the group's net profit after minority interest grew 127% to RM477.74mil from RM210.18mil in FY06.

For the year, the plantation division contributed an operating pre-tax surplus of RM200.59mil compared with RM34.94mil in FY06 mainly due to the good palm product prices.

Property development activity recorded a 76% better pre-tax profit of RM85.28mil due to an increase in progress billings and land sales, while good occupancy and room rates were achieved by the group's Royale Bintang hotels.

The heavy industries division ended the year with a pre-tax gain of RM383.46mil, with the main contributor coming from Boustead Naval Shipyard Sdn Bhd that registered a pre-tax profit of RM380.89mil.

Meanwhile, the finance and investment division posted a significantly improved profit of RM69.5mil compared with RM8.04mil in FY06.

Boustead's banking division, Affin Holdings Bhd registered 12.3% higher pre-tax profit of RM353mil for FY07 compared with RM314.4mil in FY06.

In a statement, the bank said this was mainly due to the increase in net interest income and Islamic banking income totalling RM58.7mil as well as the reduction in impairment loss on securities, loan loss provision and finance cost of RM52mil, RM11.5mil and RM10.2mil respectively.

This, in turn, was partially offset by the rise in overhead expenses of RM76.4mil, higher share of losses in jointly controlled entity of RM7.3mil, lower other operating income of RM4.5mil and lower write-back of profit equalisation reserve of RM4.7mil.

Affin reported a higher revenue of RM2.18bil for FY07 compared with RM1.99bil revenue in FY06.

PPB Group Bhd saw a 47% rise in pre-tax profit for continuing operations to RM577mil for FY07 versus RM392mil in FY06.

Wilmar International Ltd, an associate company since May 2007, contributed RM226mil.

Lower raw sugar prices and improved selling prices of specialty flour, animal feed and farm products also contributed to the better results.

Net profit from the discontinued operations – PPB Oil Palms Bhd, PGEO Group Bhd and Kuok Oils & Grains Pte Ltd – was capped at RM168mil following their disposal to Wilmar, which was completed by end-June 2007.

Meanwhile, the group's revenue for continuing operations of RM2.99bil for FY07 was 15% higher than RM2.59bil in FY06. This was mainly due to higher sales volume generated by the sugar refining division and improved prices of specialty flour and animal feed products, a company statement said.

Transmile Group Bhd posted a larger net loss of RM279.6mil for FY07 against a net loss of RM63.8mil in 2006.

Revenue was lower at RM616.2mil compared with RM731.3mil in 2006, mainly due to a reduction in general freight sales during the year following the cancellation of unprofitable routes and certain flights during the year.

Muhibbah Engineering (M) Bhd registered a 108% growth in profit attributable to shareholders for FY07 to RM70.2mil from RM33.8mil in FY06.

The increase was due to improved operating margins from higher revenue, with better contract pricing and operational efficiency in three divisions – infrastructure construction, cranes and shipyard.

By The Star

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