KUALA LUMPUR: Boustead Holdings Bhd has posted a net loss of RM153.1 million in the first nine months ended September 2019, compared with a net loss of RM14.2 million in the same period last year.
For the third quarter, the group posted a net loss of 155 million against a net profit of RM7.3 million in the corresponding period a year ago.
The profitability was affected due to one-off impairments in the property and heavy industries divisions amounting to RM161 million, namely on hotel properties and MHS Aviation (MHSA) aircraft and goodwill.
It recorded a gain of RM120 million on disposal of plantation land.
Boustead's revenue came in at RM7.8 billion for the first nine months and RM2.7 billion for the third quarter.
Managing director Datuk Seri Amrin Awaluddin said the group remain focused on enhancing efficiencies and extracting further value within the respective operating units, with a view to deliver sustainable earnings over the long-term.
“As we strive to achieve a turnaround for the group, we are cognisant of the challenges we face in the current operating environment," he added.
Boustead's operations are focused in six key areas - plantation, heavy industries, property, finance and investment, trading and industrial, as well as pharmaceutical.
As at end of September 2019, Boustead's paid-up capital was RM2.7 billion while its shareholders’ funds stood at RM5.3 billion.
Market capitalisation is currently in the region of RM2 billion.