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Thursday, March 28, 2013

Scientex's Q2 net profit stretches to RM26m


KUALA LUMPUR: Scientex Bhd posted a net profit of RM25.61 million in the second quarter period ended January 31 2012 compared with RM20.18 million in the same previous period.

Revenue rose 26.4 per cent to RM271.1 million compared with RM214.5 million in the same corresponding period, as the company reaped its maiden contribution from the businesses of newly-acquired GW Plastics Holdings Bhd.

In a press statement, Scientex said the rise was due to higher demand for Scientex's stretch film from export markets, and food and beverage packaging sales from Great Wall Plastic Industries Bhd and GW Packaging Sdn Bhd.

The acquisitions of these subsidiaries were completed in January 2013, the company said.

During the second quarter under review, the revenue of Scientex's manufacturing division grew 30.5 per cent to RM193.5 million while its property division raked in a revenue of RM77.6 million, or 17.2 per cent higher.

For the first-half period, Scientex recorded a 19.7 per cent rise in revenue to RM512.7 million and net profit stood at RM50.5 million, up 23.7 per cent from RM40.8 million posted in the first half of the previous financial year.

Managing director Lim Peng Jin said for the rest of the year, the group is optimistic that the manufacturing division's performance will be in line with expectations, given initiatives already in place to reduce costs and improve operational efficiencies.

"At the same time, we will strengthen our foothold in the highly-promising regional F&B market to undergird the company's future growth prospects," he said.

Lim added that the property business is also likely to do considerably well as it taps the fast-growing property market in Johor.

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