Crescendo Corp records higher profit from industrial properties

Regarding its outlook, Crescendo Corp said while the business is challenging in the short-term, the demand for residential landed properties in strategic growth areas with good accessibility and connectivity remains resilient.

PETALING JAYA: Crescendo Corp Bhd posted a 190% year-on-year jump in net profit to RM14.4mil for the third quarter ended Oct 31,2020, while revenue increased 19% year-on-year to RM67.8mil, mainly due to more revenue recognition from higher margin industrial properties.

For the nine months under review, net profit dropped 16% to RM20.1mil while revenue was 17% lower year-on-year to RM152.4mil, as the various movement control orders (MCOs) since March 2020 have led to slower demand for properties.