Financial Information
Financials
Unaudited Condensed Consolidated Income Statements
The Unaudited Condensed Consolidated Income Statements should be read in conjunction with the Audited Financial Statements for the Year Ended 31 December 2007.
Unaudited Condensed Consolidated Balance Sheet
The Unaudited Condensed Consolidated Balance Sheets should be read in conjunction with the Audited Financial Statements for the Year Ended 31 December 2007.
Performance Review
For the half year ended 30 June 2008, the Croup posted an unaudited profit before tax of RM449.80 million representing an increase of 110% over last year's corresponding period gain of RM213.99 million. The Group's profit after tax and MI totalling RM304.20 million had exceeded last year's net profit of RM152.83 million by a margin of RM151.37 million or 99%.
For the cumulative period, the Plantation Division contributed a pre-tax profit of RM177.77 million (2007: RM67.30 million) mainly due to good palm product prices. During the half year, the Division achieved an average palm oil price of RM3,134 per MT, a premium of RM1,083 or 53% against last year corresponding period's average of RM2,051 per MT. Despite a smaller planted area, FFB crop for the half year totalling 571,286 MT was 1.3% better than the corresponding period last year.
Heavy Industries Division's contribution for the half year which totalled RM149.81 million is significant higher than the previous year as a result of the consolidation of Boustead Naval Shipyard and BHIC. Boustead Naval Shipyard performed satisfactorily during the cumulative period, deriving its revenue substantially from the patrol vessel construction, while BHIC earnings had also improved due to the increase in income from shipbuilding and related activities.
Property Division's pre-tax profit of RM53.33 million for the half year period is 21% higher, as the Division's overall yield was enhanced by gains from sale of two corporate lots during the current period. Operating profit from the property investment sub-division posted an increase from last year, as the Royale hotels and the Curve operations continued to register positive results.
Finance and Investment Division reported a pre-tax profit of RM8.79 million during the six months period. Compared to the corresponding period last year, result for the current cumulative period is lower, as the previous year's profit had included the negative goodwill recognized. Subsidiary BH Insurance (M) Bhd posted a lower pre-tax profit mainly due to higher claims in addition to the write-down in the valuation of quoted securities. Affin Group posted a pre-tax profit of RM21.47 million for the half year ended 30 June 2008, an increase of 8% over the pre-tax profit of RM197.73 million for the preceding year's corresponding period. This was mainly attributed to the increase in net interest income, other operating income and Islamic banking income.
The Trading Division posted a higher pre-tax profit of the RM45.15 million (2007: RM14.32 million) on a turnover of RM2.15 billion (2007: RM1.46 billion) during the half year. BHPetrol reported a better pre-tax profit mainly due to an increase in sales volume and stockholding gain.