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KUALA LUMPUR: Scientex Bhd recorded a net profit of RM88.3mil in its financial third quarter ended April 30, 2022, a 19.61% decrease from RM109.88mil in the previous corresponding quarter.

The plastic packaging group reported revenue of RM993.84mil, a 1.75% increase over the comparative quarter.

The board of directors declared an interim dividend of four sen per share for shareholders on the register on July 7, 2022, payable on July 22, 2022.

In a filing with Bursa Malaysia, Scientex noted that its packaging segment contributed a lower operating profit of RM57mil compared to RM64.5mil previously despite improved revenue, due to an increase in raw material prices and freight costs.

Property revenue meanwhile fell 20% year-on-year to RM244.2mil due mainly to the deferment of the certificate of completion and compliance for projects in Johor and Melaka due to material shortages for power supply infrastructure.

In line with the lower revenue recorded, the segment's operating profit for the quarter stood at RM66.3mil compared to RM84mil in the preceding year corresponding quarter.

Over a nine-month period, Scientex's net profit was RM284.89mil, 9.44% lower than RM314.58mil in the same period previously.

Revenue was RM2.87bil, a 7% increase from the comparative period.

On future developments, the group said its ongoing capacity and capability expansion plans remain on track.

"Our new robotic stretch film plant is expected to be commissioned in the second half of 2022.

"In addition, innovating sustainable and value added products in line with customer needs and market trend remains as one of our core focus as we seek to expand our market presence.

Meanwhile, its property division has adopted a cautious approach towards scheduled new launches.

"For the coming quarter, the division has planned to launch several new phases in its existing projects in Selangor, Melaka, Johor and the maiden launch of its projects in Seremban, Negeri Sembilan and Sungai Petani, Kedah respectively.

"The group will continue to leverage on its brand and strategic locations to meet demand for our affordable homes throughout the Peninsular," it said.