[The Star] Daibochi posts lower Q2 profit due to higher raw material prices

29 July 2010

PETALING JAYA: Daibochi Plastic and Packaging Industry Bhd posted a net profit of RM4.2mil in the second quarter ended June 30, 27.3% lower than RM5.8mil posted in the same period last year due to continuous uptrend in raw material prices throughout the reporting period.

Its revenue rose 6.3% to RM61.2mil, compared to RM57.6mil in the same corresponding period last year.

The company proposed to declare a second interim dividend of 2.50 sen per share. In a filing with Bursa Malaysia, Daibochi said the profit had also been affected by foreign exchange loss and research and development expenses.

For the first half year ended June 30, the group registered a net profit of RM9.2mil, slightly lower than RM10.8mil posted in the same period last year.

Meanwhile, its revenue for the first half increased from RM113.4mil last year to RM120.9mil.

The group said it would continue to focus on product innovations and new market segments, adding that it had obtained certification from the US to market its new electronic packaging solutions to the electronic industry worldwide.

“The group will also continue its strategy to grow its market share, improve efficiency and increase productivity in order to remain profitable in 2010,” it said.

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News Room [The Star] Daibochi posts lower Q2 profit due to higher raw material prices