PETALING JAYA: DPI Holdings Bhd saw its net profit falling 36.1% year-on-year (y-o-y) to RM2.08mil for its second quarter ended Nov 30, 2021 (Q2) while revenue dropped 1.4% y-o-y to RM15.7mil.

       The Tangkak, Johor-based aerosol spray paint manufacturer said in Q2, the lower revenue was due to a slight decrease in the sales of aerosol products, while the drop in net profit was mainly due to lower revenue, and a reduced gross profit margin as a result of the higher cost of raw materials.

       Earnings per share for Q2 was at 0.33 sen versus 0.67 sen a year earlier.

       For the first half under review, net profit dropped 65% y-o-y to RM2.3mil while revenue dropped 28.9% y-o-y to RM22.4mil.

       The group said the poorer first-half results were due to the movement control order or MCO, limited operating days and the reduction of staff force which affected the group’s ability to fulfil sales orders in the first quarter.

       Earnings per share for the first half was 0.36 sen compared to 1.34 sen a year earlier.

       The group has declared a first interim single-tier dividend of 0.15 sen per share for the financial year ending May 31, 2022 (FY22), with the ex-date on Jan 13, 2022 and payment on Jan 28.

       Regarding its prospects, the group said it expects to normalise its operations in the remaining financial quarters, and is also in the midst of setting up a new building equipped with fully automated aerosol filling lines.