Malaysian Pacific Industries Bhd (MPI) net profit plunged 89.9% to RM8.14 million in the fourth quarter ended June 30, 2023 from RM80.49 million a year ago due to weak end-market electronics demand, elevated inventories and higher energy costs.

KUALA LUMPUR (Aug 28): Malaysian Pacific Industries Bhd (MPI) net profit plunged 89.9% to RM8.14 million or 4.09 sen per share in the fourth quarter ended June 30, 2023 from RM80.49 million or 40.47 sen per share a year ago due to weak end-market electronics demand, elevated inventories and higher energy costs.

Revenue fell 21% to RM482.43 million from RM612.04 million.

In a filing to Bursa Malaysia, the company said although revenue was flat compared with the preceding quarter, the global semiconductor revenue for different end-markets fluctuated from quarter to quarter.

The group recorded a pre-tax profit of RM16.7 million compared with pre-tax loss of RM3.4 million in the preceding quarter due to better cost managemet and favourable US dollar against ringgit.

For the full year ended June 30, its net profit declined 81% to RM61.33 million from RM328.85 million.

Revenue fell by 15% to RM2.04 billion from RM2.4 billion a year ago.

MPI shares closed 42 sen or 1.6% lower at RM26.30, valuing the company at RM5.5 billion.