KUALA LUMPUR: Malaysian Pacific Industries
Bhd (MPI) said it will continue to focus on business strategies and operational efficiencies as it expects the operating environment to remain challenging in the coming quarters.
In a statement, the semiconductor packaging and testing firm said the demand dynamics is expected to remain volatile in the short term although the group's pipeline continued to grow, assuring its solid long-term prospects.
Announcing its latest results to Bursa Malaysia, MPI posted a net loss of RM17.83mil in the third quarter ended March 31, 2023, as compared to a net profit of RM81.36mil in the previous corresponding quarter.
The group recorded a loss per share of 8.97 sen, as compared with earnings per share of 40.98 sen in the comaprative quarter.
Meanwhile, revenue was down to RM471.86mil from RM611.56mil in 3QFY22.
The board declared a second interim dividend of 25 sen per share with entitlement date on June 2, 2023, to be paid on June 21, 2023.
According to the group, revenue for the Asia segment dove 39% while the US and Europe segments posted 2% and 7% higher contributions respectively.
"As economic headwinds persist, weak end-market electronics demand is spreading from consumers to commercial.
"Elevated inventories in the supply chain and higher energy cost have resulted in revenue and profit reduction for the quarter and year-to-date under review," said MPI in a filing with Bursa Malaysia.
Over the nine-month period, MPI net profit was RM53.2mil, down from RM248.37mil, while revenue was RM1.56bil compared to RM1.8bil in the same period in FY22.
