KUALA LUMPUR (Feb 25): Malaysian Pacific Industries Bhd (MPI) posted a net profit of RM67.04 million for the second quarter ended Dec 31, 2020, up 49% from RM45.1 million a year earlier.

Revenue for the quarter grew 17% to RM483.94 million from RM413.76 million in the previous year’s corresponding quarter.

MPI said the better performance was due to higher revenue across all of its business segments.

It said revenue from the Asia, US and Europe segments grew 17%, 27% and 13% respectively, year-on-year.

For the half-year period, MPI’s net profit also jumped 49% to RM122.35 million from RM81.89 million, while revenue increased 18% to RM924.52 million from RM782.86 million.

Looking ahead, the group said the semiconductor industry is showing resilience and growth, in spite of the challenging operating environment due to the Covid-19 pandemic and the prospect of an uneven recovery of the global economy.

“Barring any unforeseen circumstances, the board expects the group’s performance for the financial year ending June 30, 2021, to be satisfactory,” it said.

MPI’s share price rose RM2.94 or 8.39% to RM38 today, giving it a market capitalisation of RM7.98 billion.