Crescendo's 4Q net profit boosted by change in sales mix

by **Cals** Tue 31 Mar 2015, 21:53

Crescendo's 4Q net profit boosted by change in sales mix

By Shalini Kumar / theedgemarkets.com | March 31, 2015 : 9:14 PM MYT

KUALA LUMPUR (Mar 31): [size=14]Crescendo Corp Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) posted a 16.9% increase in net profit for its fourth financial quarter ended Jan 31, 2015 to RM34.6 million or 15.2 sen a share, mainly contributed by a change in sales mix with higher proportion of sales of high margin industrial properties.

The group's revenue for the quarter increased by a marginal 0.8% to RM75.3 million, from RM74.6 million previously, said Crescendo in a Bursa Malaysia filing this evening.

For the financial year ended Jan 31, 2015, Crescendo posted a 1% decrease in net profit to RM119.9 million, from RM121.1 million a year before. Revenue has declined 13.5% to RM268.5 million, from RM310.4 million, caused by lower sales in industrial properties and concrete products.

"In FY16, the group will continue to focus on the development of industrial, residential and commercial properties with the expectation of challenging market conditions. The unrecognised revenue from the total committed property sales as at Jan 31, 2015 and new sales committed after Jan 31, 2015 is RM78 million," said Crescendo of its prospects, adding that it expects its performance to remain satisfactory for FY16.

Crescendo closed unchanged at RM2.49, with a market capitalisation of RM566.4 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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