Daibochi Plastic & Packaging Industry Bhd Reports Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended Sep. 30, 2016; Provides Revenue Guidance for the Financial Year Ending 31 December 2016
November 09, 2016
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Daibochi Plastic & Packaging Industry Bhd reported unaudited consolidated financial results for the third quarter and nine months ended Sep. 30, 2016. For the quarter, revenue was MYR 94,066,000 against MYR 86,010,000 for the same period of last year. Operating profit was MYR 7,981,000 against MYR 9,365,000 for the same period of last year. Profit before tax was MYR 7,181,000 against MYR 9,136,000 for the same period of last year. Profit for the period was MYR 6,003,000 against MYR 6,757,000 for the same period of last year. Earnings per basic share attributable to owners of the company was 2.21 sen 2.48 sen for the same period of last year. The revenue growth year-on-year was from both export and local sales, which grew 6.7% and 12.8% respectively. The slight decrease in PBT is mainly attributed to higher labour costs due to revised wage policy since January 2016.
For the nine months, revenue was MYR 280,798,000 against MYR 261,840,000 for the same period of last year. Operating profit was MYR 24,914,000 against MYR 26,767,000 for the same period of last year. Profit before tax was MYR 22,682,000 against MYR 26,828,000 for the same period of last year. Profit for the period was MYR 18,587,000 against MYR 20,133,000 for the same period of last year. Earnings per basic share attributable to owners of the company was 6.82 sen 7.39 sen for the same period of last year. Net cash from operating activities was MYR 13,513,000 against MYR 42,290,000 for the same period of last year. Purchase of property, plant and equipment, net of finance leases drawdown was MYR 14,842,000 against MYR 7,798,000 for the same period of last year. For the nine months ended September 30, 2016, the Group recorded 7.2% higher revenue mainly attributed to a 14.6% increase in export sales. Exports made up 55% of group revenue compared to 52% a year ago. The lower PBT was mainly attributed to the reasons stated above for the current quarter under review. In addition, there were substantial expenses for air freight cost for a new product launch and repairs and maintenance incurred for the second quarter of 2016.
Together with existing and pipeline orders, the Group expects to achieve record revenue for the current financial year ending 31 December 2016, on account of increasing sales both domestically and in the export markets.
Scientex Packaging (Ayer Keroh) Berhad is a Malaysia-based company that is engaged in the manufacturing and marketing of flexible plastic packaging materials. The Company's products have applications in food, beverage, home and personal care, pet care and responsible packaging solutions. Its customized food solutions cover categories, such as cakes, cookie and crackers, frozen produce, confectionery, noodles and pasta, cheese, sauces and condiments, fresh produce and snacks and nuts. Its customized beverage solutions cover categories, such as powdered, flavor enhancers and infant formulas. Its customized home and personal care solutions cover categories, such as hair care and detergent. The Company's customized pet care solutions cover categories, such as dry food and wet food. Its responsible packaging solutions include mono-material laminate packaging and paper based. Its subsidiaries include Scientex Packaging Management Sdn. Bhd. and Scientex Packaging (Australia) Pty. Ltd.
Daibochi Plastic & Packaging Industry Bhd Reports Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended Sep. 30, 2016; Provides Revenue Guidance for the Financial Year Ending 31 December 2016