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MPI’s 2Q net profit jumps 36.9% on better margin, stronger US dollar
by Cals Sat 30 Jan 2016, 02:25
MPI’s 2Q net profit jumps 36.9% on better margin, stronger US dollar
By Gho Chee Yuan / The Edge Financial Daily | January 29, 2016 : 10:17 AM MYTThis article first appeared in The Edge Financial Daily, on January 29, 2016.
KUALA LUMPUR: Semiconductor company [size=16]Malaysian Pacific Industries Bhd ([You must be registered and logged in to see this image.] Valuation: 1.10, Fundamental: 2.10) (MPI) saw its net profit for the second quarter ended Dec 31, 2015 soar 36.9% to RM32.93 million, on wider-margin products, a stronger US dollar and lower material costs.
It posted a net profit of RM24.06 million in the previous corresponding quarter, its bourse filing showed yesterday.
Quarterly revenue grew 12.23% to RM379.69 million from RM338.29 million, mainly driven by revenue growth from Asia, the United States and Europe.
For the cumulative six months of financial year 2016 (1HFY16), MPI’s net profit surged 81.6% to RM79.85 million from RM43.97 million, again due to the firm US dollar and wider profit margin.
1HFY16 revenue came in 15.06% higher at RM766.34 million against RM666.01 million in 1HFY15.
Moving forward, MPI expects the operating environment to remain challenging, as the semiconductor industry is experiencing slower growth, amid uncertainties in the macroeconomy.
Nevertheless, it foresees satisfactory performance in FY16.
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