Economic Undertakings

Favelle Favco net profit in Q2 soars 79%

PETALING JAYA: Favelle Favco BhdNet profit jumped nearly 79% year-over-year in the second quarter ended June 30, 2021, on stronger sales.

The construction crane maker said it posted a net profit of RM 13.55 million compared to RM 7.57 million in the previous corresponding quarter.

Meanwhile, revenue grew 57.2% year-on-year to RM 153.11 million in the last second quarter. Earnings per share were 6.05 sen. The group did not declare a dividend for the period April-June 2021.

Cumulatively, for the first half of fiscal year 2021 (S1), net profit improved 30.28% year-on-year to RM 25.37 million from RM 19.48 million a year earlier. Its revenue also increased 13.7% year-on-year to RM 275.21 million.

Despite the difficult market conditions, Favelle said they have an exceptional order book of around RM 584 million from global customers in oil and gas, shipyards, construction, wind turbines and automation. smart as of September 16.

About RM90 million of orders came from the intelligent automation segment alone, he added.

“With the global economic slowdown for the year 2020 due to the Covid-19 pandemic, the slow order intake for 2020 will be felt in 2021.

“Although we expect order intake to improve in 2021, the overall situation should remain difficult.

“The group will take the appropriate measures and actions to respond to its business ventures,” he said in a stock exchange filing.

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