PIE Industrial 3Q net profit falls 21% y-o-y to RM8.3 mil

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KUALA LUMPUR (Nov 14): PIE Industrial Bhd’s net profit fell 21% to RM8.3 million in its third quarter ended Sept 30, from RM10.5 million in the previous corresponding period.

Earnings per share (EPS) came in lower at 10.79 sen, against 13.66 sen a year ago.

In its filing with Bursa Malaysia, the group attributed its lower profit to a narrower margin of product mix, higher provision for slow moving inventory and a smaller gain from foreign currency exchange transactions.

However, quarterly revenue rose 13% to RM131.4 million, from RM116.4 million in the previous year’s same quarter.

“The increase was mainly attributable to higher revenue from electronic manufacturing activities, but partly offset with lower demand on raw wire and cable products,” it said.

For the cumulative nine month period, net profit was flat at RM25.3 million compared with RM25.6 million a year earlier, while revenue rose to RM404.0 million from RM306.3 million. EPS shrunk to 32.97 sen for the six-month period, compared with 33.31 sen previously.

Going forward, PIE said it would continue to improve its capacity and capability to provide integrated manufacturing services to its customers.

“Barring any unforeseen circumstances, the group expects better performance for [the] coming year,” it said.

PIE share price has staged a rally in mid-September. The stock climbed from RM6.30 to a record high of RM7.27 on Nov 11. It fell 0.42% at RM7.15. Its market capitalisation was RM549.18 million.