Scientex posts higher Q3 earnings, says Covid-19 lockdown to impact project billings 

KUALA LUMPUR: Scientex Bhd posted a higher earnings in the third quarter ended April 30, boosted by higher property sales and improved results from its packaging division.

Net profit rose 58% to RM109.9mil from RM69.6mil a year ago. Revenue was up at RM976mil compared with RM772mil previously.

The company has declared an interim dividend of 4 sen a share.

The group said sales contribution from its property division almost doubled to RM305mil from RM158mil a year ago.

"The higher revenue was mainly contributed by strong progress billings from our on-going projects in Taman Scientex Rawang and Scientex Kundang Jaya in Selangor, Scientex Durian Tunggal in Melaka and Taman Pulai Mutiara in Johor," it said.

"In addition, the increase in revenue was also due to the five new projects launched in Scientex Tasek Gelugor, Penang, Scientex Kundang Jaya, Selangor and Scientex Durian Tunggal 2, Melaka which received overwhelming response from our purchasers," it added.

The group, however, warned that the current Covid-19 lockdown is likely to result in project delays.

"The Group foresees that there could be potential delays in obtaining permits and approvals from the relevant authorities as well as delays in constructional activities, hence impacting our progress billings for the coming quarter," Scientex said.

Meanwhile, the group expects its packaging business to "perform within expectations."

"The Group’s manufacturing entities form part of the essential supply chain segment and our plants have been granted approvals from the relevant government authorities to continue operations in strict compliance with the Standard Operating Procedures in place," Scientex said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Scientex , packaging


Next In Business News

Ringgit opens mildly lower on mixed US economic signals
China state media seeks to calm investor nerves after stock rout
China bond bulls unfazed by crackdown on capital markets
Bursa lacklustre after overnight decline on Wall Street
Maybank IB lowers earnings projections on Globetronics
Kenanga maintains 'outperform' on Kossan
Trading ideas: Kossan, Globetronics, DNex, VSTECS, AirAsia
US metals buyers paying highest ever premium for Aluminium
IMF raises growth forecasts for rich nations, dims outlook for Malaysia and developing world
Microsoft scores record quarterly profit on cloud boost

Stories You'll Enjoy