P.I.E. 3Q profit up 62% yoy at RM10.5m

Business & Markets 2013
Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com
Friday, 08 November 2013 19:41
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KUALA LUMPUR (Nov 8): P.I.E. Industrial Bhd’s net profit increased by 62% to
RM10.5 million in its third quarter to Sept 30, 2013, from RM6.5 million in the
preceding year similar quarter.
Its 3Q revenue had also increased by 37% to RM116.4 million from the
previous year’s RM84.7 million.
Cumulatively, the profit for 9MFY13 had seen an increase of 24% to RM25.6
million, from RM20.6 million in 9MFY12.
The higher revenue recorded for 3Q was attributed to higher revenue from
electronic manufacturing activities due to increased demand.
Favourable foreign exchange rates had helped to push up profits before tax by
26% to RM33.6 million in 9MFY13 from RM26.7 million in 9MFY12. However,
this profit was offset by a higher provision for slow moving inventories and
doubtful debts.
“With further support by the group’s continuous upgrading of its vertical
integration capability and strengthening of precision manufacturing, we are
optimistic to achieve satisfactory performance in coming quarters,” said P.I.E.
Industrial.
P.I.E. Industrial’s share was closed at RM5.91 today.