Goodwill impairment on Scientex Packaging's Myanmar operations takes a bite out of earnings

KUALA LUMPUR: Scientex Packaging (Ayer Keroh) Bhd's performance in the fourth quarter of its 2023 financial year ended on a slide due to a goodwill impairment of RM22.71mil incurred for its operations in Myanmar.

The packaging producer said in filing with Bursa Malaysia it recorded a net profit of RM149,000 during the quarter under review, which was a sharp drop from RM11.35mil in the same quarter in 2022.