KUALA LUMPUR: Shares of HPI RESOURCES BHD [] fell to its lowest in more than a month to RM3.33 in afternoon trade on Tuesday, April 26 despite its firm financial results in the third quarter ended Feb 28, 2011.

At 3.33pm, shares of the company which is involved in paper milling and corrugated packaging, was down 34 sen to RM3.33 with 2.95 million shares done.

The FBM KLCI fell 1.61 points to 1,522.44. Turnover was 706.23 million shares valued at RM780.18 million. The broader market was weaker with 484 decliners to 185 gainers.

HPI Resources' net profit for the third quarter ended Feb 28, 2011 soared 121.5% to RM6.94 million from RM3.13 million a year ago. Revenue for the quarter rose by 11.6% to RM105.43 million from RM94.46 million in 2010, while earnings per share were 12.43 sen. Net assets per share RM2.87

For the nine months ended Feb 28, 2011, HPI's net profit rose 32.2% to RM20.63 million on the back of revenue RM314.66 million.

As at Feb 28, its trade receivables were RM88.05 million while borrowings were RM101.40 million. It had cash of RM29.38 million.