BP Plastics Holding Bhd (-ve)
SHARES in BP Plastics Holding Bhd (fundamental: 2.1/3, valuation: 1.4/3) closed six sen or 4.11% higher at RM1.52 last Friday.
Its net profit for the fourth quarter ended Dec 31, 2016 (4QFY16) declined 54% to RM3.85 million from RM8.3 million, mainly due to margin compression arising from higher operating costs and resin prices, driven by a weaker ringgit against the US dollar, and lag-on effect in selling price adjustment.
Further, it said a foreign exchange (forex) loss of RM2.03 million and fair value loss of forex forward contracts were incurred in 4QFY16, compared to a forex gain of RM1.31 million in 4QFY15.
Quarterly revenue was down 0.35% to RM80.79 million compared with RM81.07 million a year ago. The group also declared a dividend of two sen per share, paid on March 30, 2017.