Despite the external challenges of trade war which is effecting all multinational companies across the world, MPI surpassed US$100 million revenue in a quarter therefore witnessing 2% sequential revenue growth and 11% increase against last year’s corresponding quarter.
Profit after tax (PAT) in Q1 FY 18/19 grew by 11% Vs Q4 FY 17/18 and went north of 22% in Q1 FY18/19 against last year’s Quarter 1 as a consequence of continuous and aggressive cost down measures.
MPI has been able to increase its net cash position by 12% over the previous quarter.
Although MPI acknowledges the impact of the ongoing trade war, it firmly believes that this phase will have a short term implication thereby not impacting company’s long term strategies. The company is highly optimistic about the growth especially in the automotive and power business.