KUALA LUMPUR: Bolton Bhd's net profit for the first half (1H) ended Sept 30, 2007 halved to RM18.96 million from RM33.17 million a year ago due to higher cost of sales and the absence of other investing income. Revenue for the six-month period also came in marginally lower at RM168.1 million from RM168.7 million before. That coupled with a 6.8% higher cost of sales took gross profits down 14.1% year-on-year. In notes accompanying its unaudited accounts, the company did not say why earnings came in lower year-on-year. Instead, Bolton said earnings for the second quarter was higher than the first quarter mainly due to lower overhead costs and a RM1.5 million increase in contributions from its quarry and premix division. Its property development and investment division contributed RM118.4 million or 62% of the group's turnover. Bolton's property division remains to be the group's largest earnings generator despite its contribution down RM1.7 million from the previous quarter, it said. Earnings per share fell to 5.63 sen from 10.16 sen previously. Nonetheless, its directors remains confident that the group's performance for the current financial year ending March 31, 2008, will be "comparable" to that of the previous financial year. The company, led by executive chairman Datuk Mohamed Azman Yahya, has in recent months sold non-core assets to cut gearing and rejuvenate its balance sheet. It has refocused its business to property development.
By The EDGE
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