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Scientex property division adds RM125.8m to group revenue

KUALA LUMPUR (Mar 21): Scientex Bhd, a leading industrial packaging manufacturer and property developer, reported that its property division contributed 29.4%, or RM125.8 million, to group revenue in the first half of its financial year ended Jan 31, 2012 (1H2012).

Group revenue was RM428.3 million, up 12.3% from RM381.5 million a year ago, with the property division seeing an increase in sales by 24.8% year-on-year compared to 1H2011.

The manufacturing segment was the biggest contributor, adding RM302.4 million, or 70.6%, to group revenue. The group's net profit of RM40.8 million for 1H2012 was an increase of 13% from RM36.1 million previously.

"We are heartened with the group's first half performance, especially given the uncertainties in the global market so far this year," said managing director Lim Peng Jin. "…The strong take-up rates of our properties have also proved to be encouraging. We believe that his indicates buyers' acceptance of the intrinsic value of our projects."

The group had launched seven new projects in 1H2012, with a combined gross development value (GDV) of RM167 million, such as its residential projects Taman Scientex Pasir Gudang and Taman Scientex Kulai, and its higher-end developments of Taman Mutiara Mas, Skudai and Taman Muzaffar Heights, Ayer Keroh.

Lim highlighted that the company is "positive that our property developments projects would continue to capture the attention of potential buyers, in the light of the government's initiatives to boost home ownership as well as our well-placed properties in emerging hotspots, especially in the Iskandar region area".

The group has so far delivered more than RM930 million worth of residential properties, and has projects-in-hand of RM425 million.

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