PETALING JAYA: Scientex Packaging (Ayer Keroh) Bhd
’s net profit slumped by 62.4% year-on-year (y-o-y) in the first quarter ended Oct 31, 2024 (1Q24) due to changes in sales mix and fluctuations in foreign exchange.
åçIn a filing with Bursa Malaysia yesterday, the flexible plastic packaging maker said its net profit fell to RM2.9mil, even though revenue rose 3.6% y-o-y to RM179.29mil.
The increase in revenue was mainly due to higher sales in its export market.
Export sales contributed RM86.8mil or 48.4% of the group revenue. The lower bottomline for the quarter resulted in an earnings per share of 0.83 sen. No dividend was proposed for the quarter.
Commenting on its Myanmar operations, the group said it is “exploring alternative options”.
“The socioeconomic conditions in Myanmar remain challenging due to ongoing political instability.”
