PIE Industrial's Q2 earnings slip to RM7.9m

KUALA LUMPUR: PIE Industrial Bhd's earnings slipped 17.2% to RM7.90mil in the second quarter ended June 30, 2014 from RM9.55mil a year ago mainly due to the lower margin of product mix and higher provision for slow moving inventory.

It said on Friday, the lower earnings were also due to doubtful debts and lower gain from foreign currency exchange transactions.
However, its revenue rose 6.3% to RM115.23mil from RM108.33mil, underpinned by higher revenue from electronic manufacturing activities and stronger demand of raw wires and cables products. This was partly offset with lower demand for wire harness products.
Earnings per share were 10.29 sen compared with 12.44 sen a year ago. It declared an interim dividend of 20 sen a share compared with 30 sen a year ago.

For the first half, its earnings rose 12.8% to RM17.02mil from RM15.08mil in the previous corresponding period.  Its revenue increased by 43.5% to RM272.59mil from RM189.92mil.

On the outlook, PIE Industrial expected existing and new customers to outsource their products to the group, especially in medical devices and touch panel screen of big size display.

The expectations were after its significant upgrade in vertical integration capability and precision manufacturing.

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