Goodwill impairment on Scientex Packaging's Myanmar operations takes a bite out of earnings

TheStar Tue, Sep 19, 2023 01:19pm - 2 weeks View Original

KUALA LUMPUR: Scientex Packaging (Ayer Keroh) Bhd's performance in the fourth quarter of its 2023 financial year ended on a slide due to a goodwill impairment of RM22.71mil incurred for its operations in Myanmar.

The plastics packaging producer said in filing with Bursa Malaysia it recorded a net profit of RM149,000 during the quarter under review, which was a sharp drop from RM11.35mil in the same quarter in 2022.

The group's earnings per share contracted to 0.04 sen as compared to 3.38 sen.

According to Scientex Packaging, its operating profit in 4QFY23 would have been up 46.7% year-on-year if not for the goodwill impairment, as raw material prices were softer during the quarter.


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