KUALA LUMPUR (May 17): Malaysian Pacific Industries Bhd (MPI) saw its net profit fall 39.9% to RM25.98 million in the third quarter ended March 31, 2018 (3QFY18) from RM43.21 million a year ago, mainly due to the strengthening of the ringgit against the US dollar and higher material cost arising from commodity price surge.

This resulted in MPI posting lower earnings per share of 13.68 sen in 3QFY18 compared with 22.75 sen in 3QFY17.

Revenue also declined 7.5% to RM366.33 million from RM396 million in 3QFY17.

Nevertheless, the group declared a second interim dividend of 19 sen per share for the financial year ended June 30, 2018 (FY18), payable on June 20.

The poor quarterly results dragged down the group's net profit for the cumulative nine months (9MFY18) by 25% to RM103.43 million from RM137.92 million a year ago, while revenue slipped by a marginal 0.54% to RM1.15 billion from RM1.16 billion in 9MFY17.

On prospects, MPI anticipates the industry to grow moderately in the coming quarters.

"Barring any unforeseen circumstances, the board expects the performance of the group to be satisfactory for FY18," it added.

MPI shares closed 0.24% or 2 sen lower at RM8.38 today, with 33,700 shares traded, giving it a market capitalisation of RM1.68 billion.