KUALA LUMPUR (June 10): Scientex Packaging (Ayer Keroh) Bhd's cumulative net profit for the nine months ended April 30, 2022 fell 17% to RM31.79 million from RM38.14 million a year earlier despite cumulative revenue rising to RM582.21 million from RM468.14 million previously.

In a bourse filing on Friday (June 10), Scientex Packaging said net profit for the third quarter ended April 30, 2022 was flat at RM10.31 million versus RM10.26 million a year earlier, due to increase in raw material costs and other operating costs.

Earnings per share for the quarter were 3.15 sen against 3.13 sen earlier.

The company did not declare any dividend.

Reviewing its performance, Scientex Packaging said it continues to innovate and develop sustainable flexible packaging products (FPP) in line with customers' needs and market trends through collaboration with brand owners and integration of resources and processes within the Scientex Group.

It said on the operations front, ongoing global supply chain challenges and geopolitical uncertainties have led to volatility in the supplies of raw materials, vessel delays and shortages of shipping containers, resulting in elevated costs and longer production and delivery lead times to customers.

"The group will continue working closely with its customers and supplier base to manage these operational issues and meet its commitments. In managing the Covid-19 situation, the group remains vigilant and will continue to ensure the safety and well-being of its employees and stakeholders as Malaysia transitions to the endemic phase.

"Save for its Myanmar operations and challenges in the operating environment, Malaysian economic sectors and geographical borders continue to reopen, which should bode well for the resilient demand for FPP.

"The group is cautiously optimistic about its prospects for the current financial year," it said.

At the midday break on Friday, Scientex Packaging shed two sen to RM2.23.