Malaysian Pacific Industries 4Q hit by strong ringgit, rising prices

KUALA LUMPUR: MALAYSIAN PACIFIC INDUSTRIES [] Bhd (MPI) net profit for the fourth quarter ended June 30, 2011 slumped to RM2.59 million from RM34.78 million a year earlier, due mainly to lower revenue and a stronger ringgit against the US dollar.

The company said on Tuesday, Aug 16 that its revenue for the quarter fell to RM342.38 million from RM373.63 million in 2010.

Earnings per share was 1.34 sen while net assets per share was RM3.86.

For the financial year ended June 30, MPI’s net profit fell to RM58.77 million from RM105.41 million in 2010, despite posting an increase in revenue to RM1.42 billion from RM1.39 billion.

Reviewing its performance, MPI said the appreciation of the ringgit against the US dollar and rising commodity prices continued to pose challenges to the company.

“However, the group will continue to implement the necessary measures to ensure satisfactory performance for the financial year ending June 30, 2012,” it said.