Categories: BusinessNewsSnap News

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.


Recent Posts

UK’s Manchester airport faces ‘widespread disruption’ after power cut

LONDON – A "significant" number of flights at the UK's third-busiest airport were being delayed…

2 mins ago

These are the most popular destinations for China tourists this summer

Japan and Thailand top the list of Asian destinations for Chinese tourists heading abroad this…

20 mins ago

Huawei’s Petal Maps and Voltality Pte. Ltd Collaborate to Forge a Novel Charging Experience for Electric Vehicle Drivers

DONGGUAN, China, June 23, 2024 /PRNewswire/ -- At the Huawei Developer Conference 2024 (HDC 2024),…

2 hours ago

HOTO Air Pump Master: A Next-Generation Air Pump Featuring Dual Pump Cores and Smart Automation System

NEW YORK, June 21, 2024 /PRNewswire/ -- Traditional pumps tend to be bulky, inefficient, and…

2 hours ago

HOTO Introduces Air Pump Master: The Ultimate Compact and Multifunctional Inflation Device for Summer Activities

NEW YORK, June 21, 2024 /PRNewswire/ -- As the summer holiday approaches and families plan…

2 hours ago

Store Supply Warehouse Named St. Louis Post-Dispatch Top Workplace for 2024

ST. LOUIS, June 23, 2024 /PRNewswire/ -- Store Supply Warehouse has been named a "St.…

2 hours ago