5 May 2011

KUALA LUMPUR: Daibochi Plastic and Packaging Industry Bhd posted net profit of RM4.6 million in the first quarter ended March 31, 2011, down 7.4% from RM5 million a year ago as raw material prices rose.

The flexible packaging solutions provider said on Thursday, May 5 that group revenue rose 13.4% in the 1Q to RM67.7 million, from RM59.7 million a year ago.

Daibochi said the group’s property segment contributed RM2.6 million in revenue to 1Q11 compared with only RM500,000 a year ago.

It said this was due to higher sales recognised from further stage of completion of a commercial property development project in Melaka.

Earnings per share were 6.20 sen compared with 6.68 sen. It declared an interim tax exempt dividend of 1.4 sen per share.