Scientex 2Q profit jumps 32.5% yoy to RM33.9m

Scientex 2Q profit jumps 32.5% yoy to RM33.9m
Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com
Thursday, 20 March 2014 15:20

KUALA LUMPUR (Mar 20): Scientex Bhd’s net profit jumped 32.5% year-on-year (y-o-y) to RM33.9 million in the second quarter ended Jan 31, 2014, from RM25.6 million.

Revenue leapt 41.5% y-o-y to RM383.5 million from RM271.1 million.

In a statement to Bursa Malaysia, the firm said its manufacturing division posted higher profit at RM16 million from RM10.6 million in line with the higher revenue.

Scientex said its property division also recorded higher profit in line with larger revenue and higher margin from the product mix.

For the half-year period, net profit registered RM63.3 million versus RM50.5 million in the previous corresponding period, while revenue raked in RM748.3 million from RM512.7 million a year ago.

Scientex said its manufacturing division reported higher profit and revenue due mainly to higher export sales and contribution from the consumer packaging products.

The firm said its property segment also registered higher revenue and profit from operations due to higher demand for its new property project launches in Johor and Melaka.

“With the effect of the electricity tariff hike in January this year, the group will remain vigilant and seek ways to improve operational efficiency,” said Scientex going forward.

“We will reduce overall costs to improve margins by implementing strategic planning, allocation of resources and to achieve economies of scale derived from the enhanced capacity expansion.