Daibochi starts off FY2020 with record performance [PRESS RELEASE]
- Achieves best quarterly revenue and profit in 1Q FY2020 on resilient sales, new contributions from MPP, and optimized efficiency
- Commercialises first sustainable flexible packaging for prominent local beverage brand
Melaka, Malaysia, 2 December 2019 – Leading flexible packaging manufacturer Daibochi Berhad (Daibochi; 耐慕志; Bloomberg: DPP:MK; Reuters: DPPM.KL) is poised to achieve new heights in the financial year ending 31 July 2020 (FY2020), after its first quarter ended 31 October 2019 (1Q FY2020) delivered best-ever top and bottomline quarterly performance in its 47-year history.
The Group returned to the black with net profit of RM11.0 million in 1Q FY2020, compared to a net loss of RM0.3 million in the preceding quarter ended 31 July 2019 (7Q FY2019).
The stronger 1Q FY2020 results was attributed to enhanced operating efficiency and favourable product mix after undertaking optimisation and integration efforts under the Scientex Group, as well as new contributions from Mega Printing & Packaging (MPP) since completion of the acquisition in August 2019. The Group also recorded minimal write down/off of inventories and merger and acquisition costs amounting to RM0.8 million in 1Q FY2020, compared to RM6.8 million in 7Q FY2019.
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