BPPLAS Second Quarter 2009 Results – Q2 Net Profit up 31.27% over Previous Year’s Quarter
Kuala Lumpur, 19 August 2009 – As the global economy slowly recovers, Main Board listed BP Plastics Holding Bhd (BPPLAS) announced today that BPPLAS achieved an unaudited profit before tax of RM5.624 million for its second (2nd) quarter of 2009, which was 30.85 per cent (%) higher over the preceding year quarter. The group also achieved higher unaudited net profit of RM4.164 million for its 2nd quarter of 2009, representing an increase of 31.27% over the preceding year quarter.
In terms of first half year ending 30th June 2009, BPPLAS achieved a total revenue of RM76.078 million and an unaudited profit before tax of RM9.646 million as compared to the revenue of RM127.742 million and a unaudited profit before tax of RM9.627 million in the corresponding preceding financial period. “However, there is a notable decline in operating revenue of RM76.078 million for the first half year ending 30th June 2009 as compared to the operating revenue of RM127.742 million in the preceding first half year ended 30th June 2008,” said Mr. Lim Chun Yow, Chairman and Managing Director of BPPLAS, “Despite the decline in sales, BPPLAS has managed to improve its profit before tax margin from 1st half 2008 of 7.5% to 12.7% in 1st half of 2009.
The better margin was mainly due to lower cost of raw material consumed and cost reduction and saving control measures being implemented.”
He added, “We are pleased to witness an improvement in market confidence and increasing packaging demand consumption from overseas market in the second quarter of this year.” Lim explained, “The 40% lower revenue contraction during the 1st half of the financial year 2009 was mainly due to the fluid market confidence still permeating from the fallout of the global financial crisis, plummeting commodity prices, and slower consumption experience of the aftermath of the severe global economic recession in the Organization for Economic Cooperation and Development (OECD) countries specifically in the first quarter of the year,”.
In conclusion, Lim said, “BPPLAS is no doubt experiencing a healthy growth. With the necessity to replenish depleting stocks and to cater to core demand requirements, we do expect an improving market and also a slower pace of economic contraction in the OECD countries. Barring any unforeseen circumstances, we are optimistic and confident that BPPLAS will achieve satisfactory financial performance for the year ending December 31, 2009.”
For further information, please log onto http://www.bursamalaysia.com.my.
ABOUT BP Plastics Holding Bhd
Established in 1990, BP Plastics Holding Bhd (BPPLAS) is today one of the leading producers of polyethylene film, specialize on stretch film and meticulous made to order lamination, shrink film and general purpose plastic bags cater for industrial, commercial, logistic and warehousing usage. BPPLAS was listed on the Main Board of Bursa Malaysia Securities Berhad in 23rd February 2005 and currently operates more than 80 units of manufacturing machineries with a combined workforce of approximately 350 staffs. The company’s two production plants are located in Sri Gading Industrial Estate, Batu Pahat, Johor, Malaysia occupy 9 factory blocks with the total built up areas of more than 250,000 square feet on a total combined land of 15.5 acres has a combined annual capacity of 60,000 metric tonnes.
The company has evolved from a cottage plastic bag manufacturer back in 1990 to be a modernized high-tech polyethylene film manufacturer by investing into state of the art machineries and equipments from Europe and the United States. BPPLAS aims to grow their geographical market, increase production capacity and operation base, expand their line of services and continually be in the forefront of technology advancement – so that their customers and shareholders will receive the best they can offer.
For more information, please visit http://www.bpplas.com.my.
The past performance of BPPLAS is not indicative of the future performance of BPPLAS. This document may contain forward-looking statements that involve risk and uncertainties.
Actual future results may vary materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the company’s current view of future events.
For more information, please contact:
BP Plastics Holding Bhd
Lim Chun Yow
Tel. +607 455 7633 ext. 222
Esente Communications Sdn Bhd
Tel. +603 6201 4110/ +6012 286 1481