Kian Joo Q3 earn­ings up 14.9% to RM50.8m

The Sun (Malaysia) - - SUNBIZ -

PETAL­ING JAYA: Kian Joo Can Fac­tory Bhd’s net profit for the third quar­ter ended Sept 30, 2016 rose 14.9% to RM50.84 mil­lion from RM44.25 mil­lion a year ago, thanks to its cans di­vi­sion that saw an in­crease in de­mand from cus­tomers and in­crease in pro­duc­tion ca­pac­ity of alu­minium cans.

Its rev­enue in­creased 4.4% to RM421.46 mil­lion com­pared with RM403.83 mil­lion last year.

For the nine months pe­riod, its net profit fell 5.2% to RM102.20 mil­lion from RM107.84 mil­lion a year ago due to for­eign cur­rency ex­change losses, higher op­er­at­ing and fi­nance costs, es­pe­cially dur­ing the first six months of the fi­nan­cial pe­riod.

The group recorded an un­re­alised gain from hedg­ing ac­tiv­i­ties amount­ing to RM12.5 mil­lion in year-to-date 2016 as com­pared to a loss of RM12.1 mil­lion in year-to-date 2015.

Its rev­enue jumped 12.9% to RM1.29 bil­lion com­pared to RM1.14 bil­lion in the pre­vi­ous year’s cor­re­spond­ing pe­riod.

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