Tradewinds profit up in 3Q on Bernas acquisition

Tradewinds (M) Bhd’s net profit for its 3Q ended Sept 30 surged 235% to RM123.84 million, buoyed by its acquisition of a controlling stake in Padiberas Nasional Bhd (Bernas).

During the three months in review, the company raked in RM1.4 billion gaining more than 200% from the corresponding period last year. Earnings per share was 42.32 sen, up from 12.55 sen the same period last year.

In its notes which accompany its financials, Tradewinds said the better numbers were mainly from the inclusion “of revenue from the rice division during the current quarter coupled with the favourable performance of the sugar and plantation divisions.”

For the cumulative nine-month period, Tradewinds registered net profits of RM288.6 million from RM3.98 billion in revenue, marking gains of about 393% and 223% respectively from the corresponding period last year.

According to Tradewinds, Bernas chalked up a revenue RM2.3 billion during the current financial year, and contributed substantially to Tradewinds.

Tradewinds closed at RM4.35 yesterday, down one sen.

This article appeared in The Edge Financial Daily, December 1, 2010.