BP Plastics 1Q profit falls 8% on lower domestic sales

Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Wednesday, 29 May 2013 19:22
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KUALA LUMPUR (May 29): BP PLASTICS HOLDING BHD []’s net profit
for its first quarter fell by 8.18% from a year earlier as it registered
lower domestic sales and lower foreign exchange gains.
In a filing with Bursa Malaysia, the industrial plastic packaging bags and
stretch film manufacturer reported net profit for the quarter ended
March 31, 2013 (1QFY13) was RM2.19 million on revenue of RM51.52
million.
In the previous corresponding period, BP Plastics net profit stood at
RM2.39 million on the back of RM53.17 million in revenue.
The company said its revenue fell due to “domestic sales in 1QFY13
and also lingering uncertainties on the sustainability of economic
progress and the recovery of major markets such as the US and
Europe.”
BP Plastics said with the US economy seemingly recovering and the
impressive growth rates of Asian countries, the demand for global
exports and growth is likely to be sustainable this year.
“In view of this and going forward, the group shall continue to seek
opportunities for machine and product innovation, enhancement of
internal process efficiencies and productivity, so as to achieve further
cost savings and offer wider range of products to customers.
“(BP Plastics’) board hopes that this will contribute towards improving the group’s bottom line and deliver a satisfactory set of
financial performance for the year ending December 31, 2013,” said the company.