[The Edge Daily] Daibochi�s 2Q net profit down 27% on-year

29 July 2010

KUALA LUMPUR: Daibochi Plastic And Packaging Industry Bhd’s net profit slipped 27.3% to RM4.18 million in its second quarter ended June 30, 2010 (2QFY10) from RM5.76 million a year earlier due to raw material price hikes, foreign exchange loss and R&D expenses.

Revenue was 6.3% higher at RM61.17 million compared with RM57.55 million, while basic earnings per share (EPS) fell to 5.59 sen from 7.59 sen. Net assets per share stood at RM1.67 as at June 30.

The flexible packaging solutions provider declared a second interim tax-exempt dividend of 2.5 sen per share totalling RM1.87 million for the year ending Dec 31, 2010.

For the six months to June 30, net profit dipped 14.7% to RM9.2 million from RM10.79 million a year earlier, while revenue rose 6.6% to RM120.86 million from RM113.39 million on the back of higher sales volume. EPS fell to 12.28 sen from 14.22 sen.

“We have maintained our emphasis on continuous innovation in order to develop higher-value packaging in line with our planned foray into new sectors,” said Daibochi managing director Thomas Lim in a statement.

He said the group was beginning to reap the benefits of its R&D initiatives and had recently obtained certification to market its new electronic packaging solutions for the electronics industry.

The counter shed one sen yesterday to close at RM3.33 with 36,700 shares traded.

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News Room [The Edge Daily] Daibochi�s 2Q net profit down 27% on-year