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Favelle Favco 3Q net profit increases 17% yoy

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Favelle Favco 3Q net profit increases 17% yoy Empty Favelle Favco 3Q net profit increases 17% yoy

Post by Cals Wed 27 Nov 2013, 21:57

Favelle Favco 3Q net profit increases 17% yoy
Business & Markets 2013
Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com   
Wednesday, 27 November 2013 18:01
KUALA LUMPUR (Nov 27): Favelle Favco Bhd recorded a net profit of RM21.7 million for its third quarter ended Sept 30, up 17% from RM18.6 million in the previous corresponding quarter.

However, revenue for the quarter dropped 7% year on year to RM177.7 million.

In the nine months to Sept 2013, net profit fell 11% to RM43.3 million from RM48.6 million in the previous corresponding period.

9MFY13 revenue had also decreased by 3% to RM507.0 million from RM525.1 million in 9MFY12.

“The lower profit was mainly due to higher administrative expenses related to increase in manpower and insurance coverage in anticipating increase in order book,” said the group in its filing to the exchange.

When compared with the preceding quarter’s results, the group recorded higher revenue and profit before tax. The group attributed this improvement to efficiency in operations for the quarter under review.

The group has an outstanding order book of over RM1 billion, which comprise the oil and gas cranes, shipyard, construction and wind turbine industry.

“The group will continue to execute and deliver its existing order book secured in hand,” said Favelle Favco.
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