Can-One Posts Net Loss Of RM100.53 Mln In 3Q

KUALA LUMPUR, Nov 21 (Bernama) — Can-One Bhd posted a net loss of RM100.53 million in the third quarter of financial year 2024 (3Q FY2024) against a net loss of RM23.11 million in 3Q FY2023.

In a filing with Bursa Malaysia today, the group said the loss was mainly attributable to the unrealised foreign exchange loss of the group that arose primarily from the general packaging division.

Revenue, however, improved by 8.9 per cent to RM793.46 million from RM728.44 million previously. 

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Besides that, it said the property development division continued to recognise a share of revenue and profit from its property development activities in Kapar since 4Q FY2023 based on progress of works completed to date.

For the first nine months of its financial year ending Dec 31, 2024 (9M FY2024), the group’s net loss grew to RM71.74 million against a loss of RM1.32 million posted in 9M 2023, while revenue increased by 7.2 per cent to RM2.35 billion in 9M FY2024 versus RM2.19 billion previously.

Looking forward, the group said it’s cautiously optimistic about business prospects of Can-One as the group continues to explore new market opportunities with an emphasis on operational efficiency to deliver sustainable growth and satisfactory performance for the current financial year.

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“The operating environment of the group is expected to be influenced by volatility in foreign currency exchange rates, cumulative inflationary effects on raw materials and other input costs such as labour, transportation and energy costs; challenging macroeconomics conditions in certain markets; as well as escalation of geopolitical conflicts with the risks of sea trade disruptions and shipping delays,” it said. 

It also noted that its aluminium can plant in the United States has commenced operations in December 2023. 

“As a greenfield project, it is only expected to contribute positive results to the group in three to five years’ time,” it said.

— BERNAMA