KUALA LUMPUR (Feb 21): Semiconductor services firm Malaysian Pacific Industries Bhd (MPI) said on Wednesday its net profit surged over 75% in the second quarter ended Dec 31, 2023 from a year earlier thanks to lower expenses, as it also logged other operating income.

Net profit for the three months ended Dec 31 was RM32.15 million compared to RM18.33 million over the same period last year, MPI said in an exchange filing. Revenue for the quarter dipped 0.7% year-on-year to RM522.75 million, from RM526.42 million, due to a decline in its Asian and European segments.

On its outlook, MPI said it expects global semiconductor demand to remain uncertain in the short-term, as the company focuses on “strengthening its business fundamentals and delivering its long-term business strategy.”

The company, which provides outsourced semiconductor packaging and testing, booked RM6.23 million in other operating income during the quarter versus other expenses of RM4.18 million recorded in the second quarter of financial year 2023.

The company didn’t declare any dividend for the quarter.

For its first six months, MPI’s net profit fell 31.48% to RM48.67 million, from RM71.03 million in the same period a year ago. Revenue for the June-December period fell 5% to RM1.04 billion, from RM1.09 billion.

Shares in MPI ended eight sen or 0.3% lower at RM26.18 on Wednesday, giving the group a market capitalisation of RM5.49 billion, ahead of the results announcement.