KUALA LUMPUR: KIAN JOO CAN FACTORY BHD []'s (KJCF) net profit surged 83.3% to RM21.88 million in its first quarter ended March 31, 2010 (1QFY10) from RM11.94 million a year earlier, mainly due to the increase in revenue from the cans division, resulting from better production efficiency.

Revenue rose 15.6% to RM216.74 million from RM187.48 million, while earnings per share rose to 4.93 sen from 2.69 sen. No interim dividend was declared.

KJCF said its board expected the performance of the group for FY10 to further improve. "The group will continue to focus on developing its business in high-growth markets, such as in Vietnam," it said.

KJCF has a wholly-owned unit Kian Joo Can (Vietnam) Co Ltd, and a 60%-unit Kian Joo Canpack (Vietnam) Co Ltd. The company's 54.83%-unit Box-Pak (M) Bhd has a wholly-owned unit Box-Pak (Vietnam) Co Ltd.

Kian Joo Canpack (Vietnam), a joint venture with Japan-based Nihon Canpack Co Ltd set up in March last year, is expected to contribute positively to KJCF's bottom line starting 2012. KJC's share price closed at RM1.17 on Thursday, May 20, down one sen. Since mid-April, the stock has slipped about 7%.