High costs affect SLP’s 1Q earnings

Revenue in the first quarter was lower at RM45.52mil from RM46.02mil a year earlier. “This was due to the decrease in sales of flexible plastic packaging products,” it said.

PETALING JAYA: SLP Resources Bhd’s net profit for its first quarter ended March 31, 2022 dropped to RM4.51mil from RM6.03mil in the previous corresponding period, mainly due to the cost hike in almost every aspect of its operations.

In a filing with Bursa Malaysia yesterday, SLP Resources, which is engaged in the manufacturing of flexible plastic packaging products, plastic films and other related products, said profit in the first quarter was hit by higher materials, labour and utility costs.