Boustead net loss for Q3 shrinks 67%

PETALING JAYA: Boustead Holdings Bhd posted a net loss of RM51.8 million for the third quarter ended Sept 30, 2020 a 66.6% improvement over a RM155 million net loss reported in the same quarter of the previous year, from lower depreciation, amortisation and operating cost which was offset by the pandemic impact on its operations.

Revenue for the period stood at RM1.89 billion, a 30.9% decline from RM2.73 billion reported previously.

For the cumulative three quarters of the year, Boustead’s net loss widened by 29.7% to RM198.6 million from RM153.1 million reported in the same period of the previous year.

Revenue for the period stood at RM5.65 billion, a 27.4% drop from RM7.79 billion registered in the previous year.

Chairman Datuk Seri Mohamed Khaled Nordin said that while the current environment is expected to remain challenging, the group is strongly focused on progressing its transformation plan to put the group on a stronger footing over the next three years.

“As we adapt to the new normal, we continue to work towards ensuring continuity of operations for our core businesses and improving efficiencies to mitigate the impact of Covid-19, while seeking out opportunities to expand into new business streams to improve the group’s long-term prospects,” he said.