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- For the three months ended April 30, 2025 (1QFY2026), Crescendo posted a net profit of RM7.11 million—down from RM281.6 million a year earlier, which was its highest quarterly profit since its listing in 1997. Revenue also slumped 87.44% to RM66.25 million from RM527.28 million.
KUALA LUMPUR (June 26): Property firm Crescendo Corp Bhd (KL:CRESNDO) flagged higher operating costs from the minimum wage adjustments, subsidy rationalisation for fuel and electricity, as well as the expanded scope of the sales and service tax (SST), after posting a steep 97.5% year-on-year decline in its first-quarter net profit.
For the three months ended April 30, 2025 (1QFY2026), Crescendo posted a net profit of RM7.11 million—down from RM281.6 million a year earlier, which was its highest quarterly profit since its listing in 1997. Revenue also slumped 87.44% to RM66.25 million from RM527.28 million.
The drop in 1Q earnings was due to the absence of land sales for data centre-related activities in the Nusa Cemerlang Industrial Park in Johor.
No dividend was declared for the quarter.
Looking ahead, the Johor-based property developer said it will closely monitor market conditions and the impact of global economic uncertainties, which could result in volatile material costs and currency fluctuations.
“The minimum wage adjustments, subsidy rationalisation for fuel and electricity and the expansion of service tax scope are likely to have an impact on our cost,” it said in a bourse filing.
Crescendo said it will continue to adopt a prudent approach by capitalising on its strategic landbank to launch developments that align with current market demand.
“We believe the demand for landed properties in strategic growth areas with good infrastructure and connectivity will continue to improve. We remain focused on strengthening resilience, optimising cost management and pursuing market responsive development,” it said.
For Johor, it remains optimistic about the property market outlook in the state, supported by key infrastructure developments such as the ongoing Johor Bahru-Singapore Rapid Transit System (RTS) Link and the Johor-Singapore Special Economic Zone (JS-SEZ).
Shares in Crescendo closed one sen or 0.81% higher at RM1.25 on Thursday, valuing the group at RM1.06 billion. The stock has declined over 16% year to date.
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