Malaysia: Mieco’s net profit up in 3Q on higher selling prices

Malaysia’s Mieco Chipboard announced net profit for the third quarter climbed four times due to higher selling prices and improved production efficiency.

Net profit for the three months ending Sep. 30 was15.62 million ringgit ($3.76 million) compared to 4.23 million ringgit the year before. Quarterly revenue rose 11.1 per cent year-on-year to 101.13 million ringgit.

Mieco manufactures particleboard for furniture and speaker boxes. The company expects a more competitive and challenging market due to downward pricing pressure on their products.

It will explore new market, streamline production efficiency, stringent cost control, develop effective branding strategies and shift towards higher value products to mitigate these challenges.