KUALA LUMPUR (May 24): Malaysian Pacific Industries Bhd’s (MPI) net profit plunged 35.5% to RM16.77 million in its third quarter ended March 31, 2019 (3QFY19) from RM25.98 million a year ago, hit by a fall in contribution from its overseas segments and forex loss.

This resulted in earnings per share of 8.82 sen compared with 13.68 sen in the corresponding quarter a year ago.

Nevertheless, the group declared a second interim single dividend of 17 sen per share for the quarter, payable on June 27.

MPI’s exchange filing today showed that its revenue for the quarter under review contracted 9.9% to RM330.11 million from RM366.33 million in 3QFY18, as contribution from the US fell 28% on an annual basis.

Additionally, revenue for its Asia and Europe segments too fell by 8% and 1% year-on-year respectively during the quarter.

For the cumulative nine-month period (9MFY19), MPI’s net profit stood 5% lower at RM98.27 million compared with RM103.43 million in the same period in FY18.

Revenue dropped marginally by 0.6% to RM1.14 billion from RM1.15 billion in 9MFY18, hit by an 18% fall in contribution from its US segment, although revenue for the Asia and Europe segments were both higher by 4% and 1% respectively.

MPI said it anticipates the operating environment to remain challenging for the rest of the financial year ending June 30, 2019, due to uncertainties in the global economy.

The group said it will continue to improve operational efficiencies with more automation and digitalisation and enhance product development to strengthen the group’s position in chosen sectors.

Shares in MPI rose seven sen or 0.8% higher in thin trade today to finish at RM8.80, for a market capitalisation of RM1.85 billion.