KUALA LUMPUR (Dec 19): Plastic packaging products maker CYL Corp Bhd saw its net profit surge more than four-fold to RM1.19 million for the third financial quarter ended Oct 31, 2014 (3QFY15) from RM271,000 a year ago, bolstered by higher demand for its products and a nominal acceptance to its higher pricing.

It also no longer needed a provision for writedown on its packaging inventories.

Revenue rose 28% to RM19.93 million from RM15.56 million in 3QFY14. Earnings per share (EPS) stood at 1.19 sen from 0.27 sen in 3QFY14.

For the nine-month period (9MFY15), CYL Corp's net profit jumped almost three-fold to RM3.79 million from RM1.34 million a year ago, while revenue grew 18.6% to RM57.06 million from RM48.09 million.

Going forward, CYL Corp said it foresees the marketplace to remain competitive, especially with the increase in labour cost and electricity tariff that affect the group’s profit margin.

On top of that, the group expects to see a slowdown in sales for the remaining quarter of FY15 due to the business’s seasonal fluctuations.

It said it will continue to improve production efficiency and productivity to ensure satisfactory financial results for full-year FY15.

CYL Corp shares closed 0.94% higher to 53.5 sen today, giving it a market capitalisation of RM53.5 million.