Magni-Tech shares tumble 13% on lower profit

KUALA LUMPUR: Magni-Tech Industries Bhd shares fell more than 13% in early trade after it reported a lower quarterly earnings.

The counter tumbled 95 sen, or 13.01% to RM6.35 with 1.1 million shares traded. It is the top loser on Bursa Malaysia. Year-to-date, the counter has gained some 50%.

The manufacturer of garments and a wide range of flexible plastic, corrugated and offset printing packaging products saw its 1QFY18 net profit fell 17% year-on-year, due to net foreign exchange loss recorded for the quarter.

It posted a net profit of RM19.5mil in the first quarter ended July 31, against RM23.5mil in the same period last year. Revenue, however, was higher at RM293.7mil in the first quarter compared with RM271.4mil previously.

It declared a single tier interim dividend of 3.5 sen per share in respect of its financial year ending April 30, 2018.