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