PETALING JAYA: Packaging manufacturer and property developer Scientex Bhd’s net profit for its third quarter ended April 30, 2022 dropped to RM88.33mil from RM109.88mil in the previous corresponding period, while revenue during the period rose to RM993.84mil from RM976.80mil a year earlier.

       In a filing with Bursa Malaysia yesterday, the company said revenue for its packaging division during the quarter improved year-on-year to RM749.7mil from RM671.5mil.

       “The increase in revenue was contributed by its industrial and consumer packaging products, driven mainly by its export markets as well as the increase in average selling price. However, operating profit stood at RM57mil compared with RM64.5mil recorded in the preceding year’s corresponding quarter due to challenges of rising raw material prices and freight costs mainly under the consumer packaging products,” it said.

       Revenue for the group’s property division, meanwhile, decreased 20% year-on-year during the quarter to RM244.2mil from RM305.3mil.

       “The lower revenue was mainly attributed to the deferment of the certificate of completion and compliance for our projects in Johor and Melaka due to material shortages for power supply infrastructure. In line with the lower revenue recorded, operating profit for the current financial quarter stood at RM66.3mil, compared with RM84mil in the preceding year’s corresponding quarter.”

       For the nine-months period ending April 30, 2022, Scientex’s net profit dipped to RM284.89mil from RM314.58mil in the previous corresponding period, while revenue improved to RM2.87bil from RM2.69bil a year ago.Commenting on the group’s performance this year, Scientex chief executive officer Lim Peng Jin said the company has delivered consistent top line growth despite supply chain disruptions and rising inflationary pressures.

       Scientex has declared a single-tier interim dividend of four sen per share, to be paid on July 22.