Wednesday, November 9, 2011

MPI dips in early trade on challenging outlook

KUALA LUMPUR (Nov 9): MALAYSIAN PACIFIC INDUSTRIES [] Bhd (MPI) shares declined in early trade on Wednesday, Nov 9 after the company said it anticipated that its business prospects would remain challenging for the financial year ending June 30, 2012, given the current softening in demand and the uncertain macro-economic outlook.

MPI slipped into the red for first quarter ended Sept 30, 2011 due mainly to lower revenue in all its business segments and weakening US dollar.

At 9.10am, MPI fell 10 sen to RM3.20 with 4,500 shares traded.

MPI said in Nov 8 that it posted net loss RM9.63 million in 1Q compared to net profit RM25.84 million a year earlier.

Its revenue for the quarter fell to RM315.61 million from RM370.45 million in 2010.

Loss per share per share was 4.97 sen compared to earnings per share of 13.36 sen, while net assets per share was RM3.89.

MPI declared an interim dividend of 5 sen per share tax exempt, to be paid on Dec 8 this year.

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