Scientex 4Q net profit up 16.5% to RM20.77m

KUALA LUMPUR: Stretch film producer and property developer Scientex Bhd posted net profit of RM20.77 million in the fourth quarter ended July 31, 2011, up 16.5% from RM17.83 million a year ago.

It said on Wednesday, Sept 28 that revenue rose 7.1% to RM205.20 million from RM191.68 million. Earnings per share were 9.66 sen compared with 8.28 sen.

For the financial year ended July 31, 2011, its earnings rose 28.1% to RM77.24 million from RM60.32 million in the previous financial year while revenue increased by 15.7% to RM804.02 million from RM694.82 million.

Scientex's said its property segment was boosted due to strong demand for new launches, especially the high-end property offerings in Johor and Melaka.

Property revenue rose 45.9% to RM218.6 million from RM149.8 million a year ago. Sales from the manufacturing segment grew 7.4% to RM585.5 million from RM545.0 million.

Group operating profits (EBIT) increased 39.1% to RM97.4 million, with the property development segment accounting for RM62.0 million and the remaining RM35.40 million from the industrial packaging segment

The higher EBIT contribution from the property segment was largely due to the high-end project in Skudai at the center of Iskandar Malaysia in Johor.

"Scientex has development projects in Pasir Gudang, Kulai, Skudai, and Melaka, which have a combined gross development value (GDV) of RM1.9 billion to last until 2019 — as at July 31, 2011," it said.