KUALA LUMPUR (Oct 24): Bright Packaging Industry Bhd (BPI) has returned to the black for the fourth quarter, thanks to higher savings in material costs and favourable adjustments on deferred tax liability.  

The fast-moving consumer goods packaging company posted a net profit of RM1.71 million for the quarter ended Aug 31, 2016 (4QFY16), compared with a loss of RM1.54 million for 4QFY15.

Revenue slipped 7.6% to RM14.4 million, from RM15.6 million, due to a reduction in customers’ order from the tobacco industry, the company said in a filing today.

No dividend was paid to its shareholders in the current financial period.

For the full financial year, BPI’s net profit jumped 131.8% to RM1.77 million from RM764,000 for the previous year. Revenue rose 39.5% to RM62.37 million from RM44.7 million.

On it prospects, BPI said it foresees a “reasonable performance for the group” for the year ahead.

It noted it had on Jan 13, entered into an agreement with Russian multinational tobacco manufacturing company, Zao Philip Morris Izhora, to supply aluminium foil at a total estimated value of US$15 million (RM62.5 million).

BPI’s share price rose 1.4% to close at 37 sen today, giving it a market value of RM60.8 million.