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Favelle Favco Q2 profit more than doubles to RM26.4m

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Favelle Favco Q2 profit more than doubles to RM26.4m Empty Favelle Favco Q2 profit more than doubles to RM26.4m

Post by Cals Tue 26 Aug 2014, 09:42

Favelle Favco Q2 profit more than doubles to RM26.4m
Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com   
Monday, 25 August 2014 18:53

KUALA LUMPUR (Aug 25): Higher sales of crane has lifted Favelle Favco Bhd’s earnings substantially. The company's net profit more than doubled to RM26.4 million or 12.25 sen per share for the second quarter ended June 30, against RM11.1 million or 5.22 sen per share a year ago. 

Revenue soared 50.1% to RM248.8 million for 2QFY14, from RM165.7 million in the previous corresponding quarter.

In a filing with Bursa Malaysia, the crane manufacturer said for the half-year period, its net profit grew to  RM38.4 million or 17.83 sen per share, from RM21.6 million or 10.16 sen per share in the previous corresponding period.

Revenue registered RM404.8 million, from RM329.3 million a year ago.

Favelle Favco said the increase in profit for the group was mainly due to increase in sales of crane.

“The group will continue to execute and deliver its existing order book secured in hand,” said the group on current year prospects.

The group has an outstanding order book stood at RM1.02 billion, secured mainly for offshore oil and gas exploration and production activities, according to the result announcement.
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