KUALA LUMPUR: Can-One Bhd posted a net profit of RM34.8mil in the first quarter on higher contribution from its general packaging business, as well as lower interest cost and operation expenses.
Revenue in the three-month ended March 31 increased 1% to RM652mil, the company said in a filing with Bursa Malaysia today.
Can-One said it is "cautiously optimistic" about its prospects in 2021.
The noted heightened challenges this year amid stiff competition and price pressure within the industry, while players are struggling with supply disruption and rising raw material cost.
It also said that the current lockdown imposed by the government to curb the pandemic would have an impact on its production and business.
Meanwhile, the state of emergency in Myanmar has raised concerns about teh group;s businesses in the country.
Can-One said the group's plants remained operational.
"Since the ongoing developments remain uncertain and cannot be reasonably predicted at this juncture, the Group will continue to assess the operational and financial impacts of the political instability and monitor the development in Myanmar to enable effective and timely responses to any change in order to protect the Group's interest," it said.