Favelle Favco’s 2Q net profit soars 145% y-o-y

Hope this will help the parent Muhibah to gain some strength.

Written by Ho Wah Foon of theedgemalaysia.com
 Monday, 27 August 2012 17:40

 KUALA LUMPUR (Aug 27): FAVELLE FAVCO BHD [] reported a net profit of 19.75 million for the second quarter ended 30 June 2012, up 145% compared to similar quarter in 2011, the company said in its results. Its quarterly revenue nearly doubled to RM205.08 million, from RM109.88 million. In its notes to Bursa Malaysia Monday, Favelle Favco said increased sales from its crane segment due to global recovery in investment in equipment and good execution of several high margin projects had contributed to a jump in profit and revenue. In its profit forecast, it said it will continue to execute and deliver its existing order book secured in hand. As at Aug 22, 2012, outstanding order book is RM715.5 million, of which majority is for the offshore oil and gas exploration. The remaining are for the shipyard, CONSTRUCTION [] and wind turbine industry. “While the outlook remains challenging, we foresee oil and gas investment to continue at current level and construction industry to continue facing a slow recovery,” it said.