CYL Corp net profit falls to RM2.91m

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.