Malaysian Pacific Industries Bhd's net profit for the third quarter period ended March 31, 2011 plunged 81 per cent to RM5 million from RM21.1 million previously.

In a filing to Bursa Malaysia today, the company said the huge drop was mainly due to the strengthening ringgit versus the US dollar and rising commodities prices.

It also cited an unfavourable inventory adjustment in the industry.

Nevertheless, the group is confident to record satisfactory results in its financial year ending June 30, 2011, despite the speed of appreciation of the ringgit and the economic impact from the Japan earthquake.