KUALA LUMPUR: Scientex Bhd recorded a net profit of RM93.69mil in the second financial quarter ended Jan 31, 2021, a 16.48% decline from RM112.17mil in the previous corresponding quarter.

       The plastics packaging and property group reported revenue of RM952mil, which was 5% higher compared to RM906.5mil in the same quarter of the previous year. However, operating profit declined 15.6% to RM149.2mil.

       In a bourse filing, the group said the packaging segment continued to face challenges from rising raw material prices and freight cost, resulting in a lower operating profit of RM53.7mmil compared to RM63mil a year earlier.

       The group's property business also recorded lower operating profit of RM72.2mil compared to RM86.2mil in 2QFY21 on slower revenue as its projects in the Southern region were delayed by material shortages.

       Over the six months period to Jan 31, 2022, Scientex posted a net profit of RM196.56mil, which was 4% lower year-on-year, while revenue rose 10% to RM1.88bil.

       On outlook, the group said demand for its packaging products remain stable although the surge in energy prices over the last quarter has increased the volatility of raw material prices.

       In addition, the anticipated reopening of the nation's borders on April 1 is expected to spur demand for the group's property products.

       "The Group’s strategic landbanks has put the Group in a good position to now tap and capitalise on the anticipated post-pandemic economic rebound," it said.

       "Barring unforeseen developments, the Group remains optimistic to continue deliver a profitable performance in this financial year," it added.