Bright’s 4Q profit doubles to RM2.98m

by **Cals** Fri 25 Oct 2013, 12:53

Business & Markets 2013

Written by Levina Lim of theedgemalaysia.com

Friday, 25 October 2013 10:26

KUALA LUMPUR: Bright Packaging Industry Bhd posted a net profit of RM2.98 million for the fourth quarter ended Aug 31, 2013 (4QFY13), an increase from RM1.48 million from the previous corresponding quarter.

Revenue for the quarter rose 54.5% to RM20.8 million from RM13.5 million a year earlier, on higher local orders from the local and confectionary industry.

For the full year, the group reported a profit of RM7 million, up 86% up from RM3.8 million recorded in FY12. Bright did not propose any dividend for the full financial year.

“Bright had a remarkable year and we are pleased to announce our strongest result in over a decade.

“We have come a long way since the management shakeup earlier this year, and we are closing in on our goal of turning around the business,” said chairman Nik Mustapha Muhamad.

Independent non-executive director Datuk Seri Syed Ali Alhabshee said in a statement that Bright intends to continue expanding its production capacity.

“We have signed up a major client — BAT — and we look forward to expanding our production capacity,” he said.

In a related development, Datuk Ricky Wong has acquired an additional 360,000 shares of the company through his investment holding company, Wong SK Holdings, raising his total shareholding to 23.6% or 10,200,200 shares.

This article first appeared in The Edge Financial Daily, on October 25, 2013.