MPI 2Q net profit down 4.8% to RM39.23m

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KUALA LUMPUR (Feb 21): Malaysian Pacific Industries Bhd's (MPI) net profit for the second quarter ended Dec 31, 2018 slid 4.8% to RM39.23 million, from RM41.2 million a year earlier. Earnings per share fell to 20.64 sen from 21.69 sen.

Revenue, however, rose marginally by 0.7% to RM398.16 million from RM395.25 million in the previous year, the group said in a filing to the stock exchange. MPI attributed the higher revenue to an 8% increase in revenue for the Asia segment.

The revenue for the US and Europe segments were lower by 18% and 1% respectively, it added.

For the cumulative six months ended Dec 31, 2018, MPI saw its net profit grow 5.2% to RM81.5 million or 42.89 sen per share, from RM77.44 million or 40.77 sen per share a year ago.

Half-year revenue increased 3.7% to RM811.92 million from RM782.89 million previously.

On prospects, MPI said the board anticipates the operating environment to remain challenging due to uncertainty in the macro economy and hence, expects softer demands for the rest of the financial year ending June 30, 2019.

"The management will continue to enhance product development to strengthen the group's position in the chosen sectors and improve our operational efficiencies," said MPI.

Shares of MPI closed eight sen or 0.8% higher at RM10.22 today, giving the group a market capitalisation of RM2.03 billion.