KUALA LUMPUR, Nov 23 (Bernama) -- Malaysian Pacific Industries Bhd’s (MPI) net profit declined to RM52.7 million in the first quarter ended Sept 30, 2022 (Q1 FY2023) from RM81.68 million for the same quarter last year.
Revenue also eased to RM564.02 million from RM584.53 million previously mainly due to lower demand from the consumer electronics market.
“Revenue from the Asia segment was lower by 15 per cent while the United States and Europe segments were higher by seven per cent and 25 per cent, respectively,” the company said in a filing with Bursa Malaysia, today.
It said the profit before taxation was RM73.8 million against RM112.63 million for the corresponding quarter of the last financial year, attributed to lower revenue and was partly offset by the appreciation of the US dollar against the ringgit.
MPI said the board anticipates the operating environment to remain challenging for the rest of the financial year ending June 30, 2023, due to the softening consumer electronics market and uncertainty in the macro economy.
The group will focus on its business strategies and operational efficiencies to ensure sustainability and strengthen its fundamentals in conducting business.
The board also declared a first interim single-tier dividend of 10.0 sen per share for Q1 FY2023 to be paid on Dec 21, 2022.
-- BERNAMA
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