Foundpac most active counter after profit fall

PETALING JAYA: Foundpac Group Bhd emerged as the most active counter today with 72.77million shares changing hands after its net profit for the fourth quarter ended June 30 fell 41% to RM1.65 million from RM2.81 million reported a year ago on higher staff expenses.
The counter was the most active at market close on Wednesday saw a 14.61% fall in its share price to 38sen.
Revenue for the period fell 12% to RM9.19 million from RM10.46 million due to the decrease in export sales of RM1.846 million, partly offset by the increase in local sales of RM 582,000.
Year-to-date its net profit fell 26.35% to RM10.22 million due to lower other income, higher staff-related expenses as a result of share option granted under ESOS of RM1.155 million, inventories written down of RM0.254 million, and foreign exchange loss of RM0.365 million in the current financial year-to-date compared with foreign exchange gain of RM0.456 million in the corresponding preceding cumulative quarter.
Revenue for the full year fell 1.18% to RM RM35.53 million from RM 35.96million, mainly attributed to the decrease in sales at US market offset by the increase in sales in the Asian region for the current financial year-to-date.
"Semiconductor and electronics industries are projected to continue growing in the coming years. Our Group will continue to uphold its core and long-term strategy to focus on business expansion and diversification, product development, as well as business process optimisation through lean implementation across all operations in the organisation," the group's board of directors said in a stock exchange filing.