SCGM’s Q2 net profit soars to RM295.14mil following disposal of subsidiary

KUALA LUMPUR: SCGM Bhd’s net profit for the second quarter ended Oct 31, 2022 (Q2 FY2023) soared to RM295.14 million from RM7.83 million a year ago following the disposal of its 100 per cent equity interest in Lee Soon Seng Plastic Industries Sdn Bhd (LSSPI).

The plastic packaging solutions provider said revenue, however, fell 70.4 per cent to RM21.49 million from RM72.54 million previously due to the quarter’s revenue only accounting for one month period up to the date of disposal.