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MPI’s 1Q net profit hit by higher material costs

Malaysian Pacific Industries Bhd’s (MPI) net profit declined by 8.8% year-on-year (YoY) to RM36.24 million for its first quarter (1Q) ended Sept 30 due to higher material costs incurred by the company.

In an exchange filing yesterday, MPI — which is engaged in the integrated circuits, semiconductor and leadframes businesses — noted the higher material costs resulted from both sales mix and higher commodity prices.

Despite the lower profit, the Tan Sri Quek Leng Chan-led group recognised higher revenue for the quarter by 8.3% YoY to RM387.63 million owing to the stronger contributions from the Asia and US markets.

Revenue from Europe-based operations was down by 2%.

Going forward, MPI noted the its performance should remain satisfactory for the ongoing financial year. It declared a 10 sen dividend for the 1Q, to be paid on Dec 8.

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