Can-One 3Q net profit jumps 60.3% to RM7.79m

KUALA LUMPUR (Nov 24): CAN-ONE BHD [] net profit for the third quarter ended Sept 30, 2011 jumped 60.3% to RM7.79 million from RM4.86 million a year earlier, driven mainly by higher revenue achieved by its business segments.

The company said its revenue for the period rose 39.3% to RM160.56 million from RM115.24 million in 2010.

Earnings per share rose to 5.11 sen from 3.19 sen in 2010, while net assets per share was RM1.35.

For the nine months ended Sept 30, Can-One said its net profit rose to RM20.01 million from RM10.77 million, while revenue jumped to RM463.68 million from RM316.88 million.

Reviewing its performance, Can-One said the improvement in revenue for its general can division was contributed mainly by the increase in internal (driven by increase in production capacity in the food division) and external demand for tin can and jerry cans.

It said the food division’s performance was due to the increase in production capacity and demand for liquid milk products.

On its prospects, Can-One said barring any unforeseen circumstances, the company anticipates the results for the financial year ending Dec 31, 2011 to be satisfactory.