Crescendo 3Q net profits double to RM8.45m

30 Dec 2010

 KUALA LUMPUR: Crescendo Corp Bhd’s net profits for its 3QFY11 ended Oct 31 doubled to RM8.45 million from RM4.08 million recorded in the same period a year ago.

Third quarter revenues also rose to RM59.11 million from RM37.95 million in the same period a year ago. Earnings per share were 5.45 sen while net assets per share were RM3.03 as at Oct 31.

The company also declared a second interim dividend of two sen per share which will go ex on Jan 18.

Crescendo attributed the improved sales and net profits to higher sales in construction services and concrete products as well as improved margins, especially from industrial properties and construction operations.

Its results for the nine months ended Oct 31 also showed improvements, with net profit increasing 56% to RM22.38 million from RM14.35 million in the same period a year ago.

Nine-month revenue was also higher to RM158.52 million from RM117.09 million in the same period a year ago.

Crescendo expects its FY11 ending January to be a better year because of the improved economic outlook.

“For FY11, the property market has shown a strong comeback especially in industrial properties with renewed buying interest due to low interest rate,” it said in notes accompanying its financial results.

Its shares closed higher by three sen yesterday to RM1.34 on volume of 17,000 shares. Year to date, the stock has risen about 25%.

This article appeared in The Edge Financial Daily, December 30, 2010.

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