Friday 29 Mar 2024
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KUALA LUMPUR (Apr 29): Malaysian Pacific Industries Bhd (MPI) saw its net profit rise 187.6% year-on-year to RM30.18 million in the third quarter ended March 31, 2015 (3QFY15) on higher sales of smartphones, strong US dollar and lower material costs.

This translates to 15.89 sen in earnings per share in 3QFY15 compared to 5.55 sen earnings per share in 3QFY14.

In a filing with Bursa Malaysia, MPI (fundamental: 1.8; valuation: 2) also disclosed that revenue in 3QFY15 rose 8.76% to RM351.27 million.

Meanwhile, the group’s nine months net profit rose 103.65% to RM74.15 million compared to RM36.41 million in the previous corresponding period while revenue rose 4.9% to RM1.017 billion compared to RM969.97 million in the previous corresponding period.

MPI attributed the sharp rise in net profit to higher revenue from the smartphone sector, strengthening of the US dollar against the ringgit and lower material cost arising from lower commodity prices during 3QFY15.

“(In 3QFY15) the revenue mix for Asia and the United States (US) declined by one percentage point (ppt) each while Europe increased 2 ppt against the corresponding quarter of the preceding year,” it  stated.

“YTD revenue mix for Asia and Europe was higher by one ppt and 4 ppt respectively while US declined 5 ppt against the corresponding period in the preceding year,” the report added.

The company foresees a stronger performance in the final quarter and its results for all segments to be satisfactory in the financial year ending June 30, 2015.

MPI shares closed 14 sen or 2.18% higher at RM6.55, with a market capitalisation of RM1.303 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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