MPI posts 20% jump in 1Q profit

MPI posts 20% jump in 1Q profit
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KUALA LUMPUR (Nov 8): Malaysian Pacific Industries Bhd (MPI) posted a strong 20.3% increase in net profit to RM63.25 million for the first financial quarter ended Sept 30, 2018 from RM52.59 million in the corresponding quarter last year mainly due to higher revenue.

Earnings per share rose to 22.25 sen from 19.08 sen previously, while revenue climbed 6.7% to RM413.76 million from RM387.63 million.

In a filing with Bursa Malaysia, MPI said its revenue for the Asia and Europe segments were higher by 14% and 3% respectively, but 10% lower for the USA segment compared with the same quarter last year.

The board of directors has declared a first interim single tier dividend of 10 sen per share, to be paid on Dec 12, 2018.

Moving forward, the board anticipates moderate sector growth in the coming quarters. "Barring any unforeseen circumstances, the board expects the performance of the group to be satisfactory for the financial year ending June 30, 2019.”

MPI closed up 30 sen or 2.86% at RM10.80 for a market capitalisation of RM2.15 billion.