Goodpack's profits up 12% to US$12.5m

On back of higher revenue.

According to OCBC Investment Research, Goodpack Limited's revenue and PATMI for 2QFY14 met its expectations by increasing 9.8% YoY to US$50.9m and 12.0% to US$12.5m respectively. 1HFY14 revenue at US$103.0m forms 99.9% and 49.1% of our 1HFY14 and FY14 forecasts respectively.

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Correspondingly, 1HFY14 PATMI at US$26.4m forms 100.4% and 49.0% of our 1HFY14 and FY14 forecasts. We think that Goodpack is on track to meeting our forecasts for FY14, given that Goodpack typically has a stronger 4Q. Operating expenses rose 10.3% to US$34.5m, which we judge to be largely in tandem with topline growth.

For 1HFY14, depreciation and amortization expense rose 15.1% to US$9.9m while other operating expenses rose 22.2% to US$13.0m due to acquisition and leasing of more IBCs. As management has previously guided that they only acquire more IBCs upon demand confirmation, we think this is a positive leading indicator for the next two quarters.

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