SCGM shares fall as profits slump 97%

KUALA LUMPUR: SCGM Bhd’s shares tumbled 13% in early trade Monday as the company reported a 97% slump in profits in the fourth quarter ended April 30.

The food packaging manufacturer is among the biggest losers on Bursa, shedding 13.26%, or 24 sen to RM1.57 with 1.2 million shares traded. SCGM-WA fell 4.35%, or one sen to 22 sen.

SCGM’s net profit plunged 97% to RM150,000 in the fourth financial quarter ended April 30, 2018 (4QFY18) from RM5.08mil a year ago, on higher resin prices, finance costs,

depreciation charges, labour cost and foreign exchange losses incurred.

Its quarterly revenue also dropped 8.8% to RM48.23mil from RM52.91mil, mainly due to lower sales from local and overseas customers which was affected by holidays during the current quarter under review, and the strengthening of the ringgit against major foreign currencies.

The group declared a fourth interim dividend of 1.5 sen per share for the financial year ended April 30, payable on July 25.

For the full financial year, SCGM posted a net profit of RM16.39mil on revenue of RM207.41mil.

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