Malaysia Packaging Industry net loss narrows in Q3

PETALING JAYA: Malaysia Packaging Industry Bhd narrowed its net loss to RM595,000 in the third quarter ended Sep 30, 2016 (Q3’FY16), from RM4.18 million in the previous corresponding quarter, mainly due to unrealised foreign exchange gain registered during the quarter.

Revenue slightly declined by 0.3% to RM21.91 million, compared with RM21.97 million last year, mainly due to lower demand for retort pouch.

For the nine-month period, its net loss reduced to RM2.79 million, from RM6.28 million in the same period last year, while revenue slightly decreased to RM66.16 million, against RM66.22 million previously.

In a filing with Bursa Malaysia yesterday, the packaging material manufacturer said it expects the business operating environment to be challenging, due to uncertainties in the global economy and rising costs.

However, the company said it will continue to focus on enhancing its business profitability by cost control measures and better management of its product sales mix by exploring new market opportunities.

The company closed unchanged at RM1 yesterday, with some 152,700 shares changing hands.