KUALA LUMPUR (Aug 13): Tien Wah Press Holdings Bhd’s net profit for the second quarter ended June 30, 2019 (2QFY19) dropped 68.5% to RM1.2 million, from RM3.81 million a year earlier, on higher costs.

Earnings per share plunged to 0.83 sen from 2.63 sen, according to the packaging group’s filing with Bursa Malaysia.

Quarterly revenue rose marginally by 0.9% to RM92.82 million, from RM92 million previously.

Tien Wah said it had incurred additional costs for the completion of its new production footprint. Throughout the year, the group also incurred additional costs to intensify its Dubai operations, in order to compete in the Middle East market. 

For the first half of the year (1HFY19), the group suffered a net loss of RM2.48 million against a profit of RM1.39 million in the previous year, while revenue rose 4% to RM180.56 million, from RM173.54 million previously.

On its outlook for the remainder of 2019, the group said it is optimistic and is confident of improving its performance in Asia. However, the Dubai market continues to remain challenging, it added. 

Tien Wah’s share price closed unchanged at RM1.25 today, for a market capitalisation of RM180.93 million.