Favelle Favco Q2 net profit soars 79%


The construction crane manufacturer said it posted a net profit of RM13.55mil as compared to RM7.57mil in the previous corresponding quarter.

PETALING JAYA: Favelle Favco Bhd’s net profit jumped by almost 79% year-on-year (y-o-y) in the second quarter ended June 30, 2021, driven by stronger sales.

The construction crane manufacturer said it posted a net profit of RM13.55mil as compared to RM7.57mil in the previous corresponding quarter.

Meanwhile, revenue rose 57.2% y-o-y to RM153.11mil in the latest second quarter.Earnings per share was at 6.05 sen. The group did not declare a dividend for the April-June 2021 period.

Cumulatively, for the first half of financial year 2021 (H1), net profit improved by 30.28% y-o-y to RM25.37mil from RM19.48mil a year earlier. Its topline also increased by 13.7% y-o-y to RM275.21mil.

Despite the challenging market conditions, Favelle said it had an outstanding order book of approximately RM584mil from the global oil and gas, shipyard, construction, wind turbine industries and intelligent automation clients as at Sept 16.

About RM90mil of orders came from the intelligent automation segment alone, it added.

“With the global economic slowdown for the year 2020 as a result of the Covid-19 pandemic, the slow order intake of 2020 will be felt in 2021.

“Even though we expect the order intake will improve in 2021, the overall situation is expected to remain challenging.

“The group will be taking appropriate measures and actions to cater for its business undertakings,” it said in a stock exchange filing.

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