Can One 2Q net profit falls 50% to RM17.3m

Can One 2Q net profit falls 50% to RM17.3m
Business & Markets 2013
Written by Shalini Kumar of theedgemalaysia.com
Friday, 23 August 2013 18:28

KUALA LUMPUR (Aug 23): Can One Bhd's net profit for the second quarter ended June 30 fell about 50% to RM17.3 million, from RM34.9 million in the previous corresponding quarter.

In a filing with Bursa Malaysia today, the group said the reduction in earnings was due to a one-off bargain purchase of RM21.4 million arising from acquisition of investment in associates.

Revenue for the quarter was RM221.2 million, versus RM201.4 million in 2QFY12.

For the six months ended June 30, Can One posted a 72% fall in profit to RM35.2 million, on the back of RM415.6 million in revenue.

Looking ahead, the group expects all its operating divisions and investment in associate to contribute positively to its current year results.

"Barring any unfavourable movements in foreign currency exchange rates, interest rates and cost of key raw materials, the Directors anticipate the results of the group for the financial year ending 31 December 2013 to be satisfactory," it said in its filing.