Eastern Pacific Industrial Corp Bhd (EPIC) posted a 6.5% increase in net profit to RM14.77 million in its second quarter ended June 30, 2010 (2Q10) from RM13.87 million a year earlier due to an increase in port operations and oil and gas (O&G) activities.
The stronger earnings came on the back of a 28.5% rise in revenue to RM61.62 million from RM47.94 million in 2Q09.
Earnings per share (EPS) rose to 8.82 sen from 8.2 sen. The company declared a first interim tax-exempt dividend of 2.5 sen per share.
For the cumulative six-month period, net profit rose 12.7% to RM24.55 million from RM21.78 million a year earlier, while revenue increased by 20.9% to RM108.98 million from RM90.17 million. EPS rose to 14.71 sen from 12.87 sen while net assets per share stood at RM2.04 as at June 30, 2010 versus RM1.89 at end-FY09.
Meanwhile, the O&G support services company saw a boardroom shuffle following the redesignation of its chairman Datuk Tik Mustaffa to independent and non-executive director. Replacing him is newly appointed director Datuk Mazlan Ngah.
Also, following the resignation of non-executive director Datuk Muhatar Abdullah, Moktar C Ngah was appointed in his stead.
EPIC ended the day six sen higher at RM1.93 with 241,500 shares traded.
by Financial Daily
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