Metal can manufacturer Can-One reports 31% growth in revenue for Q1 2019

Can-One Bhd posted revenue of RM406.2 million in the first quarter of 2019 compared with RM310.5 million in the first quarter of 2018, according to its filing with Bursa Malaysia.

Profit before taxation stood at RM261.3 million in Q1 2019, up from RM15.9 million in the same period last year. The increase in net profit was due mainly due to bargain purchase arising from the acquisition of Kian Joo Can Factory Bhd (KJCF) shares offset against loss on remeasurement of previously equity interest held in KJCF.

“The bargain purchase gain recorded in Q1, 2019 was subject to revision upon the completion of the valuation process,” the Group said.

The group said its profit after taxation increased from RM11.4 million in the first quarter of 2018 to RM256.3 million in the first quarter of 2019.

Revenue from General Packaging division stood at RM200.2 million in Q1 2019, up RM76.6 million from RM123.6 million in Q1 2018, due to first time consolidation of the revenue of KJCF Group's General Packaging division as well as increase in sales of existing Tin Cans segment. Profit before taxation decreased to RM1.9 million in Q1 2019 mainly attributable to higher admin expenses and financial expenses.

“Looking ahead, the Management is cautiously optimistic that the results would improve in 2019,” the Group said.

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