Boustead

Boustead: Positive set of results. 4Q Mar-end rev at $131.8m +19.7% yoy +38.3% qoq with net profit at $32.4m up from a loss in 4Q10 and up 484% qoq. 4Q net profit formed approx 58.3% of FY12 net profit. Of note, Geo-Spatial Tech segement displayed strong growth for the first time FY12 rev up $108.2m +14% yoy. This also resulted in better margins despite FY12 rev being lower by 27.1% and improved overall profitability. An expanding portfolio of industrial leasehold properties also added to improved profitability. A div of 3.0c was declared bringing FY12 total div to 5.0c compared to last yr of 7.0c, which included a special div of 3.0c. Co’s orderbook currently stands at $337m