KUALA LUMPUR: Boustead Holdings Bhd narrowed its net loss to RM7.3 million in the second quarter ended June 30, 2021 compared with a net loss of RM73.7 million a year ago amid an improved performance from all divisions within the group.

       The company, one of Malaysia’s oldest conglomerates, also attributed the better performance to a higher share of results from associates and joint ventures as well as recognition of a one-off gain on disposal of an investment property worth RM13.1 million.

       The group's revenue grew to RM2.6 billion from RM1.5 billion in the previous corresponding quarter.

       For the cumulative six months, net profit was RM35.8 million compared with a net loss of RM146.7 million, while revenue stood at RM4.66 billion versus RM3.76 billion previously.

       Boustead Group managing director Datuk Seri Mohammed Shazalli Ramly said substantial challenges and uncertainties posed by the ongoing COVID-19 pandemic have decelerated the implementation of various initiatives under its Reinventing Boustead strategy.

       "The prolonged pandemic has dampened the group from achieving faster recovery since we have to put on hold most of the activities due to the restrictions of movement. This is inevitable as these initiatives mainly involving active participation on the ground with the group’s core divisions,” he said in a statement.

       "Despite these challenges, I am pleased that the group started the new fiscal year by delivering a healthy quarter with a return to the black after six consecutive quarters of losses. For the second quarter, our robust financial performance continued the momentum.”

       Shazalli said the group is "now at a time where the use of technology in enhancing performance has never been more important. Digital technologies, renewable energy, and the Internet of Things are amongst the new initiatives that we will continue to integrate into our business operation across all divisions for sustainability.”

       Besides plantation, Boustead Holdings is also into pharmaceutical, property, heavy industries, trading, finance and investment. - Bernama