KUALA LUMPUR (Nov 21): Can-One Bhd (KL:CANONE) saw its net loss widen to RM100.54 million in the third quarter ended Sept 30, 2024 (3QFY2024), from RM23.12 million in the previous corresponding quarter, dragged by unrealised foreign exchange loss of RM80.6 million.

The latest quarterly net loss is its biggest quarterly loss in nearly three years. Can-One posted a net loss of RM165.96 million in 4QFY2021.

Loss per share came in higher at 52.32 sen in 3QFY2024, from 12.03 sen in 3QFY2023, the food packaging company's bourse filing showed.

Quarterly revenue, however, grew by 8.93% year-on-year (y-o-y) to RM793.46 million from RM728.44 million, supported by better revenue recognition from general packaging, contract manufacturing and property development divisions.

General packaging’s external revenue rose 7% y-o-y to RM704.39 million from RM657.66 million, due to higher sales in the aluminium cans segment, while the contract manufacturing division’s external revenue grew by 57% to RM57.44 million from RM36.61 million on increased sales volume.

Its property development and investment holding division’s revenue surged almost six times to RM111.2 million in 3QFY2024 from RM19.53 million, as it continues to recognise a share of revenue and profit from its property development activities in Kapar since fourth quarter last year based on progress of works.

Can-One did not declare any dividend for the quarter.  

For the nine-month period of FY2024, the group also suffered a wider net loss of RM71.74 million, hurt by unrealised foreign exchange loss of RM71.4 million.

Cumulative revenue increased by 8.93% to RM2.35 billion, from RM2.19 billion previously.

Can-One said the board is cautiously optimistic about business prospects 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.

The group cautioned that the operating environment is influenced by multiple factors, including foreign currency exchange rates, increased working capital costs for businesses and cautious consumer spending.

Can-One’s share price settled one sen or 0.4% higher at RM2.52 on Thursday, bringing the group a market capitalisation of RM484 million.