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Wednesday, September 19, 2012

Scientex net profit hits record RM83.9m

Source: http://www.btimes.com.my/Current_News/BTIMES/articles/scien18/Article/


KUALA LUMPUR: Industrial packaging manufacturer and property developer Scientex Bhd has posted a record net profit of RM83.9 million in its year ended July 31 2012.

Group revenue rose 9.6 per cent to RM881.0 million, the company said in a statement yesterday.

Scientex's fourth quarter profits alone went up 12.6 per cent to RM23.39 million, thanks to higher residential house sales.

Scientex managing director Lim Peng Jin said the performance was helped by several factors. These include increased demand for its products overseas and the benefits of economies of scale following capacity expansion initiatives at its facilities in Pulau Indah in Klang and Malacca.

The company's profits in the fourth quarter could have been better if not for a one-off cost in relocating its woven production from Malaysia to Vietnam.

The relocation was to achieve better operational efficiencies and comparative cost.

The group's industrial packaging profits in the fourth quarter ended July fell to RM9.9 million from RM12.2 million a year ago.

Despite the current global economic uncertainties, the group remains focused on its expansion plans.

Scientex said it had started construction of its new plant in Pulau Indah.

Once the new stretch film cast lines start production in the second half of 2013, its annual capacity will jump 25 per cent to 150,000 tonnes.

Meanwhile, the group enjoys good take-up rates for its affordable homes in Pasir Gudang and Kulai.

The government's campaign to promote affordable housing resulted in more young families and middle and lower income housebuyers placing their downpayments with the group.

Scientex's higher-end residentail units in Skudai also posted good sales.

Read more: Scientex net profit hits record RM83.9m http://www.btimes.com.my/Current_News/BTIMES/articles/scien18/Article/#ixzz26rzTU8SU

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