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- The group said it will continue to monitor headwinds such as minimum wage increases, subsidy rationalisation for fuel and electricity, and tax expansions, which could raise cost pressures.
KUALA LUMPUR (Sept 30): Johor-based property developer Crescendo Corporation Bhd (KL:CRESNDO) said on Monday (Sept 29) it will take a cautious approach by leveraging its land bank to roll out projects aligned with market demand, after reporting an 88% drop in second-quarter net profit due to an absence of land sale gains.
“The group will adopt a prudent approach by leveraging its strategic land bank to develop properties that meet market needs,” Crescendo said in its filing with Bursa Malaysia. “We remain focused on strengthening resilience, optimising cost management and pursuing market-responsive development.”
In addition, the group said it will continue to monitor headwinds such as minimum wage increases, subsidy rationalisation for fuel and electricity, and tax expansions, which could raise cost pressures.
For the second quarter ended July 31, 2025 (2QFY2026), Crescendo's net profit slumped to RM16.31 million from RM140.84 million, as revenue tumbled 75.4% to RM76.1 million from RM321.46 million. The group declared an interim dividend of one sen per share, payable on Nov 13.
For the first half of FY2026, net profit fell 94.5% year-on-year to RM23.42 million from RM422.44 million, while revenue dropped 82.9% to RM145.32 million from RM848.73 million.
Crescendo, which holds about 2,600 acres of development land in Johor Bahru, builds a diverse range of properties—from low- to medium-high-cost homes and shop offices to semi-detached and large detached factories—to cater to a broad spectrum of customer needs.
Its current projects include Bandar Cemerlang, Residensi Senyum, Desa Cemerlang, Taman Perindustrian Cemerlang and Taman Dato’ Chellam.
The sale of data centre land at the Nusa Cemerlang Industrial Park by its wholly-owned unit Panoramic Industrial Development Sdn Bhd (PID) helped the group register profits in the financial year ended Jan 31, 2025 (FY2025).
During the year, PID completed five agreements for the disposal of 128.41 acres of freehold land at Nusa Cemerlang Industrial Park for a total cash consideration of RM677.43 million, according to its latest annual report.
In addition, PID entered into three more agreements to dispose of another 61.39 acres of land at the industrial park for RM355.77 million. One of these deals, worth RM115.88 million, was completed in April 2025.
Buyers included Microsoft Payments (Malaysia) Sdn Bhd, Nanda Digital Sdn Bhd and Data Cloud Innovation Sdn Bhd.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
