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Friday, March 30, 2012

Crescendo posts higher profit of RM88m

Crescendo Corp Bhd registered a pre-tax profit of RM88.062 million for its financial year ended Jan 31, 2012, up from RM50.766 million in the previous year.

Revenue for the year rose to RM290.424 million from RM215.225 million a year ago.

In a filing to Bursa Malaysia today, the company said the significant increase in revenue was mainly attributed to higher sales in industrial properties.

"The substantial increase in pre-tax profit was mainly contributed by higher sales as well as improved margins from industrial properties," it added.

For the fiscal fourth quarter, Crescendo posted a pre-tax profit of RM23.18 million, up from RM16.122 million in the corresponding quarter previously.

Revenue for the three-months period rose to RM70.610 million from RM56.706 million.

Moving forward, the construction and property firm said it had total unbilled sales brought forward and new locked-in sales of RM124 million but it expected market condition to be challenging in the near to medium term.

"Nevertheless, demand for property in Johor is expected to be least affected in view of the enhanced bilateral collaborations between Iskandar Malaysia and Singapore recently.

"The group expects industrial property sales to be the main profit contributor but it will also start to launch residential houses in Bandar Cemerlang in the 2013 financial year," the company said.

By Bernama

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