KUALA LUMPUR: Boustead Holdings Bhd
(BHB) registered a net loss of RM62.80 million for the first quarter ended March 31, 2023 (1Q FY2023), from a net profit of RM290.30 million in the same period last year.
Revenue decreased marginally to RM3.24 billion from RM3.44 billion previously, as only the trading, finance and investment division registered a higher revenue.
In a filing with Bursa Malaysia, BHB said the group recorded a loss before taxation and zakat (LBT) of RM15.9 million as compared to profit before taxation and zakat (PBT) of RM683.1 million posted in 1Q FY2022.
It said the shortfall was mainly due to a one-off gain achieved in 1Q FY2022 for the disposal of plantation assets and weaker operational results due to the decrease in palm product prices and unfavourable impact on the valuation of fresh fruit bunches.
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