CYL Corp net profit falls to RM2.91m

New Straits Times - - Business -

KUALA LUMPUR: Plas­tic pack­ag­ing man­u­fac­turer CYL Cor­po­ra­tion Bhd re­ported a de­crease in its net profit for the fi­nan­cial year ended Jan­uary 31 to RM2.91 mil­lion, from RM5.94 mil­lion pre­vi­ously. Rev­enue also fell to RM64.97 mil­lion from RM70.04 mil­lion dur­ing the same pe­riod. The group’s lower per­for­mance is mainly caused by a de­cline in over­all de­mand/or­ders, the higher cost of raw ma­te­rial due to the weak­en­ing ring­git cou­pled with the in­crease in min­i­mum wage price floor ef­fec­tive July last year.

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