KUALA LUMPUR (Dec 17): Scientex Bhd's net profit for the first quarter ended Oct 31, 2015 (1QFY16) jumped 101% to RM60.85 million from RM30.27 million a year ago on higher packaging product manufacturing revenue and property development income.

In its quarterly report to Bursa Malaysia today, Scientex said revenue for the quarter rose to RM550.6 million compared to RM431.07 million in 1QFY15.

Scientex said it registered "higher contribution from both the industrial and consumer packaging products as well as the contribution from the newly-acquired subsidiary SGW Ipoh".

The company said property revenue rose to RM158.6 million from RM110.8 million on contribution from its projects in Johor and Melaka.

Looking ahead, Scientex said it would focus on affordable housing to capitalise on resilient demand in the market segment.

"The group will also continue to implement better planning and deployment of resources to reduce operational costs and wastage to boost operational margins in light of rising cost pressure," Scientex said.

At 12.30pm today, Scientex shares rose 10 sen or 1.2% to RM8.70 on thin volume of 81,700 shares.

At the share price of RM8.70, the group has a market capitalisation of RM1.97 billion.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)