KUALA LUMPUR (May 4): Daibochi Plastic and Packaging Industry Bhd, which will expand into Australia and New Zealand market beginning this quarter, saw its net profit grow 5.2% to RM6.51 million or 2.38 sen per share in the first quarter ended March 31, 2016 (1QFY16), from RM6.19 million or 2.27 sen per share a year ago.

Quarterly revenue was 4.1% higher at RM89.7 million, from RM86.16 million a year earlier (1QFY15), due to increase in export sales, particularly more orders from a Thailand customer in line with its marketing campaign.

The plastic packaging manufacturer declared an interim dividend of 1.45 sen, slightly lower compared to last year's 3.5 sen, payable on June 10.

Going forward, Daibochi said it remains steadfast in its strategy to constantly explore opportunities to expand export sales and introduce innovative products to drive long term growth.

In this regard, it is on track to commence delivery of its new export contracts to the Australia and New Zealand (ANZ) market, from both second quarter and third quarter of 2016 onwards.

"In line with our ongoing long term expansion plans, the Group has commenced the second phase of expansion of Daibochi Plastic Plant 2 with capital expenditure of approximately RM13 million, which includes new machinery and other works," it added.

Shares in Daibochi closed unchanged at RM2.07 today, for a market value of RM565.25 million.