[The Edge Daily] Daibochi Plastic’s earnings dip 5.8%

21 October 2011

KUALA LUMPUR: Daibochi Plastic and Packaging Industry Bhd’s net profit fell 5.8% to RM4.54 million in the third quarter ended Sept 30, 2011 from RM4.82 million a year ago mainly due to a lower contribution from the property segment.

It said on Friday, Oct 21 this was in line with the lower percentage of completion recognised for the current reporting period as compared to a year ago.

Daibochi said its revenue declined 5.2% to RM67.66 million from RM71.42 million mainly due to the reduction in the sales in the packaging segment. Earnings per share were lower at 6.04 sen compared with 6.40 sen. It declared an interim dividend of 3.0 sen per share.

For the nine-month period, earnings rose nearly 1% to RM14.16 million from RM14.03 million in the previous corresponding period.

However, the group’s profit before tax of RM18.00 million decreased by 1.9% from RM18.36 million due to a decline in the packaging segment. Profit from the property segment more than doubled to RM2.96 million from RM1.16 million.

Revenue rose 8.4% to RM208.52 million from RM192.28 million due to increased sales in both the packaging and property development segments.

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News Room [The Edge Daily] Daibochi Plastic’s earnings dip 5.8%