Tech players report lower earnings

February 22, 2019 editor Corporate News, Inari, MPI, Technology

PETALING JAYA: Technology players Malaysian Pacific Industries Bhd (MPI) and Inari Amertron Bhd have reported lower earnings for the second quarter of their financial year ending June 30, 2019 (2Q19), amid reports of a sharp decline in global smartphone sales.

During the quarter in review, MPI saw its net profit falling 4.8% to RM39.2mil from RM41.2mil in the previous corresponding quarter. Consequently, the group’s earnings per share (EPS) fell to 20.64 sen from 21.69 sen previously.

Nevertheless, MPI posted a marginal increase of 0.7% in revenue to RM398.2mil in 2Q19 from RM395.3mil previously, driven by higher sales in Asia.

Inari, meanwhile, posted a decline of 19.7% in net profit to RM55.1mil in 2Q19 from RM68.6mil previously on a lower revenue volume and changes in product mix.

For the quarter in review, its revenue declined 20.2% to RM300.1mil from RM376mil previously due to the disposal of assets of a 51%-owned subsidiary and comparatively lower volume loading on a major sensor product.

Source : TheStar