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Kian Joo Can Factory 3Q profit rises 13% yoy to RM32m

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Kian Joo Can Factory 3Q profit rises 13% yoy to RM32m Empty Kian Joo Can Factory 3Q profit rises 13% yoy to RM32m

Post by Cals Wed 27 Nov 2013, 00:14

Kian Joo Can Factory 3Q profit rises 13% yoy to RM32m
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com   
Tuesday, 26 November 2013 18:46
KUALA LUMPUR (Nov 26): Kian Joo Can Factory Bhd’s net profit rose 13% year-on-year (y-o-y) to RM32 million in the third quarter ended Sept 30, 2013, from RM28 million a year ago.

Revenue also rose 17% y-o-y to RM327 million from RM280 million.

In a filing to Bursa Malaysia, the can manufacturer said the higher profit was attributable to higher profits contributed by its cans and contract packing services divisions although its cartons division posted lower profits.

Kian Joo said the larger revenue was due to larger revenue contribution from its cans and cartons divisions despite a revenue decline from its contract packing services division.

For the nine-month period, net profit stood higher at RM95 million from RM74 million a year earlier, while revenue registered RM950 million versus RM852 million in the previous corresponding period.

Kian Joo gave similar reasons mentioned above for net profit and revenue in the nine-month period.

“Despite some signs of recovery in the third quarter of this year, the global economic climate generally remains uncertain and challenging,” said Kian Joo.

“Apart from taking measures to further streamline its operations, the group is looking for opportunities to tap into new markets to maintain its growth.”
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