HPI-20100729 kenanga

While 12M10 revenue of RM372.6m was in line, net profit of RM22.8m was trending 27% higher due to a strong uptick in the last quarter on the back of stronger margins. Gross margins improved by 42 basis points to 17.8% in 4Q10 from a disappointing 3Q10 after an effective cost pass-through underpinned by higher paper prices in general.