KUALA LUMPUR (Aug 19): Tinplate exporter Perusahaan Sadur Timah Malaysia Bhd's (Perstima) net profit fell 4.19% to RM11.63 million in the first quarter ended June 30, 2019 (1QFY20) from RM12.14 million a year ago, due to lower sales volume despite higher profit margin.

This caused 1QFY20's earnings per share to fall to 11.71 sen from 12.22 sen in 1QFY19, its stock exchange filing today showed.

Revenue was down 5.89% at RM224.76 million compared to RM238.83 million previously, as contributions from its Vietnam and Malaysia operations declined 12.5% and 2.5%, respectively. Its Philippines operation has also yet to contribute to topline as it was still at a preliminary stage after the subsidiary there registered for business last November.

On its prospects for the year, Perstima said the operating environment remains challenging and competitive due to the expiration of anti-dumping duties and the higher presence of imports, in addition to a volatile ringgit.

"To enhance the group's performance, management will continue its efforts to improve production efficiency, cost-saving measures, and marketing efforts.

"In addition, management will continue to leverage on its ability, as the only producers of tinplate in Malaysia and Vietnam, to provide better customer support, consistency in supply and flexibility in delivery," it added.

Perstima shares closed unchanged at RM4.78 today, for a market capitalisation of RM474.68 million. It saw some 10,600 shares traded. In the past 12 months, the stock has slipped 4.04%.