KUALA LUMPUR (May 16): Malaysian Pacific Industries Bhd (KL:MPI) posted a net profit of RM32.76 million for the third quarter ended March 31, 2024 (3QFY2024), in contrast to a net loss of RM17.83 million a year ago, thanks to higher revenue and better foreign exchange rates.

Earnings per share stood at 16.47 sen, against a loss per share of 8.97 sen for 3QFY2023. Quarterly revenue grew 11.5% to RM526.06 million from RM471.86 million last year, driven by higher revenues from its Asia, US and Europe segments, the company showed in a bourse filing.

MPI declared a second interim dividend of 25 sen per share, to be paid on June 26, bringing total dividends so far to 35 sen for FY2024. The amount is in line with last year’s.

For the cumulative nine months ended March 31, 2024 (9MFY2024), net profit jumped 53% to RM81.43 million, against RM53.20 million for the same period last year. The increase in earnings was attributed to better foreign exchange rates, lower operating expenses and higher interest income.

Cumulative revenue slipped marginally by 0.02% to RM1.56 billion, due to lower revenue from the Asia and Europe segments during the period under review as compared to the previous year.

Despite the improved results, MPI expects the semiconductor industry to stay volatile and uncertain in the near future, despite a gradual recovery in certain segments, it noted.

“The group remains committed to exploring new markets and enhancing customer service, while implementing operational efficiency measures to contain costs,” it said.

Shares in MPI went up 98 sen or 3.01% to RM33.50 on Thursday, valuing the group at RM7.03 billion. The stock has gained 19.6% year-to-date.