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 SCGM 7247 SCGM BHD’s Q2 net profit soars to RM295.14mil following disposal of subsidiary

KUALA LUMPUR: SCGM Bhd’s net profit for the second quarter ended Oct 31, 2022 (Q2 FY2023) soared to RM295.14 million from RM7.83 million a year ago following the disposal of its 100 per cent equity interest in Lee Soon Seng Plastic Industries Sdn Bhd (LSSPI).

The plastic packaging solutions provider said revenue, however, fell 70.4 per cent to RM21.49 million from RM72.54 million previously due to the quarter’s revenue only accounting for one month period up to the date of disposal.

It said LSSPI ceased to be a subsidiary of the company on Aug 31, 2022.

"For the first half (1H) FY2023, revenue dipped 35.4 per cent to RM91.58 million from RM141.84 million due to the same reason mentioned above,” it said in a filing with Bursa Malaysia today.

On future prospects, SCGM said it would be taking the necessary process of identifying and acquiring new suitable businesses or assets to regularise the condition of the company within the stipulated time frame of 12 months from the time it was notified by Bursa Securities on Sept 2, 2022 that it is a "cash company” pursuant to Paragraph 8.03(1) of the Listing Requirements upon completion of the disposal.

"In this respect, the company must comply with the provisions and requirements in Paragraph 8.03 and Practice Note 16 of the Listing Requirements,” it said.

It said the company has approximately eight months to submit its proposal to Bursa Securities for approval.

"Any progress in this regard shall be announced to Bursa Securities in due course,” it added. - Bernama

https://www.thestar.com.my/business/business-news/2022/12/28/scgms-q2-net-profit-soars-to-rm29514mil-following-disposal-of-subsidiary

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