Friday 29 Mar 2024
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KUALA LUMPUR (Oct 29): Bright Packaging Industry Bhd (Bright Packaging) has plunged into the red in the fourth quarter ended Aug 31, 2014 (4QFY14), with RM3.85 million in losses compared with the RM2.98 million profit it made in 4Q13, due to "lower sales order".

Its earnings per share for the quarter has also turned into a loss of 2.86 sen per share, down 141.56% on-year from 6.88 sen.

The weaker sales order caused revenue for the quarter under review to fall  62.5% on-year to RM7.79 million from RM20.83 million.

"The lower turnover was due to [the] decrease in overseas' customers' order from [the] tobacco industry," said the packaging company in a filing with Bursa Malaysia.

For the cumulative 12-month period (FY14), net profit fell 76% on-year to RM1.67 million from RM7.03 million, while revenue was also lower at RM34.15 million, down 34.6% from RM52.2 million in FY13.

Earnings per share for FY14 fell 89.3% from 16.24 sen to 1.73 sen. 

On prospects, the group said the performance of the group is expected to improve due to larger production capacity and better efficiency after it has invested in two new production lines and upgraded its three existing production lines in 2014.

"Barring unforeseen circumstances, the directors foresee a reasonable performance for the group for the year ahead," it said.

The company's share price has been on a decline since mid-April and fell to a year-to-date low of 46 sen on Oct 16, though it has since staged a rebound.

The counter closed 1.5 sen higher at 52.5 sen yesterday, giving it a market capitalisation of RM75 million.

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