KUALA LUMPUR (Nov 17): Box-Pak (Malaysia) Berhad's net profit for the third quarter ended September 30, 2014 rose 41.47% to RM4.67 million from RM 3.3 million a year earlier.

Revenue for the quarter increased 15.9% to RM 88.67 million from RM 76.51 million in the previous corresponding quarter, a company filing with Bursa Malaysia showed.

Cumulative net profit for the nine-month period, however, fell 35.4% to RM 6.86 million from RM 10.63 million last year on a higher revenue of RM 255.15 million versus RM 213.12 million previously.

Earnings per share increased to 7.78 sen for the quarter from 5.50 sen a year ago.

For the cumulative period, earnings per share dropped to 11.44 sen from 17.72 sen.

According to Box-pak, the 3Q revenue increase was contributed by higher earnings from its existing plant in Ho Chi Minh and contribution from new plants in Hanoi and Johore.

It added: "Despite higher revenue, profit before tax contracted by RM4.5 million to RM8.2 million as compared to RM12.7 million in YR 2013.

"The decline in profit was attributable to margin compression in the existing plant due to stiff competition, operating loss incurred in new plants in Hanoi and Johore and also higher finance," it said.

The company's share closed unchanged at RM 2.10 today for a market capitalisation of RM 126.05 million.