MS International Plc (MSI.L) Thursday reported a sharp decline in its profit for the first half of fiscal 2010, reflecting lower revenues from products and segments. MS International shares are currently trading up nearly 5% on the LSE.
For the first half, the UK-based company's profit before taxation was GBP 1.23 million as compared with GBP 2.45 million in the prior-year period.
Profit attributable to shareholders plummeted to GBP 0.84 million from GBP 1.68 million in the same period last year. On a per share basis, earnings were 4.5 pence, versus 9.1 pence a year earlier.
Revenues for the period declined to GBP 18.10 million from GBP 27.23 million in the first half of fiscal 2009. Product revenues were GBP 7.34 million versus GBP 19.22 million, while revenues from contracts rose to GBP 10.75 million from GBP 8.01 million in the previous year.
On a segmental basis, revenues from defense were GBP 11.64 million compared with GBP 10.97 million in the comparable period prior year, whereas revenues from forgings plunged to GBP 4.33 million from GBP 12.02 million, and revenues from petrol station forecourt structures were GBP 2.13 million versus GBP 4.24 million a year ago.
By geography, revenues from Europe slumped to GBP 15.72 million from GBP 23.07 million, North American revenues slipped to GBP 1.19 million from GBP 2.05 million, and revenues from rest of the world decreased to GBP 1.19 million from GBP 2.12 million in the prior year.
During the six-month period, selling and distribution costs incurred by the company fell to GBP 798 thousand from GBP 937 thousand, and administrative expenses were GBP 2.81 million versus GBP 3.73 million in the 2009-year period.
The board has declared an interim dividend of 0.70 pence per share, flat with the year-ago period.
MSI is currently trading on the London Stock Exchange at 117.04 pence per share up 5.54 pence or 4.97% on a volume of 8,500 shares. In the past 52-week period, the shares have been trading in a range of 70.05 pence to 122.00 pence.
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