BP Plastics’ 2Q net profit declines 17%, declares 1.5 sen dividend
KUALA LUMPUR (Aug 15): BP Plastics Holding Bhd’s net profit for the second quarter ended June 30, 2022 (2QFY22) declined 17.45% to RM12.19 million from RM14.77 million a year earlier amid elevated freight charges and higher production costs.
Quarterly revenue, in contrast, grew 28.07% to RM139.53 million from RM108.95 million on higher demand, said the plastic packaging products manufacturer in a Bursa filing on Monday (Aug 15).
The group also declared a second interim single-tier dividend of 1.5 sen per share, to be paid on Oct 7.
For the cumulative six months ended June 30, 2022, the group’s net profit fell 19.27% to RM19.73 million from RM24.44 million despite revenue rising 29.87% to RM271.45 million from RM209.01 million.
On prospects, BP Plastics said it remains cautiously optimistic about the sustained demand for plastic packaging products despite a challenging economic recovery, adding that it remains committed to delivering a profitable performance for FY22.
Shares in BP Plastics closed down one sen or 0.78% to RM1.28 on Monday, giving it a market value of RM360.36 million.