♦ Above expectations. MPI’s FY06/10 results were above our expectations, with core net profit (excluding a one-off deferred tax writeback and an impairment loss) accounting for 108% of our and market consensus estimates. The key variance was mainly due to: 1) negative EBITDA margin in 4QFY10 reflecting lower ASP; 2) an impairment loss recognised amounting to RM47.9m; and 3) higher other expenses.
Malaysian Pacific Industries Berhad : Above Expectations - 24/08/2010
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