KUALA LUMPUR (Oct 12): Bright Packaging Industry Bhd’s net loss narrowed by more than half to RM1.54 million in 4QFY15, compared with RM3.84 million in the previous corresponding quarter, thanks to higher order from its tobacco customers.

Quarterly revenue has doubled to RM15.59 million, against RM7.79 million a year ago.

The net loss dragged its full-year profit further to a mere RM764,000 or 0.5 sen a share, a 54.28% plunge from FY14’s net profit of RM1.67 million or RM1.73 a share. This came despite reporting a 30.93% rise in revenue to RM44.71 million.

However, Bright Packaging’s (fundamental: 0.8; valuation: 0.9) net loss in 4QFY15 was the biggest for the financial year.

In comparison to the preceding quarter (3QFY15), the aluminium foil and metallised film packaging manufacturer attributed the losses to increase in depreciation charges and deferred tax liabilities charged in 4QFY15. Bright Packaging’s 3QFY15’s net loss was RM145,000 on revenue of RM11.19 million.

The quarterly net loss trimmed its full-year profit further to a mere RM764,000 or 0.5 sen a share, a 54.28% plunge from FY14’s net profit of RM1.67 million or RM1.73 per share. This came despite reporting a 30.93% rise in revenue to RM44.71 million.

Still, Bright Packaging’s board said it foresaw “a reasonable performance for the group for the year ahead.”

“The company on Jan 13, 2015 announced that the company had entered into a purchase-sale agreement with Zao Philip Morris Izhora, a multinational tobacco manufacturing company in Russia, to supply aluminium foil at a total estimated value of US$15 million, subject to the terms and conditions stipulated in the agreement,” Bright Packaging said in its prospects.

Its share price nudged up by one sen or 2.7% to 38 sen a share at today’s close, with a volume of 160,000. Bright Packaging’s market capitalisation is RM60.8 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)