MPI sees softening consumer electronic market

KUALA LUMPUR: Malaysian Pacific Industries Bhd’s (MPI) anticipates the operating environment to remain challenging for the rest of the financial year ending June 30, 2023 (FY23), due to the softening consumer electronics market and uncertainty in the macroeconomy.

“The group will focus on its business strategies and operational efficiencies to ensure sustainability and strengthen its fundamentals in conducting business,” MPI said in the notes accompanying its financial results.

The semiconductor company's net profit tumbled 35.5% to RM52.7mil in the first quarter ended Sept 30, 2022 (1Q23) from RM81.7mil for the same quarter last year.

Its revenue also declined to RM564.02mil from RM584.53mil previously while earnings per share for the period stood at 26.50 sen against 41.17 sen a year ago.

“Revenue from the Asia segment was lower by 15%, while the US and Europe segments were higher by 7% and 25% respectively,” MPI said.

The board declared a first interim single-tier dividend of 10.0 sen per share for Q1 FY2023 to be paid on Dec 21, 2022.