Crescendo net profit more than doubles to RM8.45m in 3Q

KUALA LUMPUR: Crescendo Corporation Bhd has posted a net profit of RM8.45 million for its third quarter (3Q) ended Oct 31, 2010, more than double from RM4.08 million a year ago, on higher revenue.

Meanwhile, turnover rose 55.7% to RM59.11 million from RM37.94 million a year ago, it announced to Bursa Malaysia on Wednesday, Dec 29.

Year-to-date, the group had posted a net profit of RM22.38 million, up 55% from RM14.35 million a year ago, from a revenue of RM158.52 million, up 35% from RM117.1 million.

The higher cumulative net profit was attributed to higher sales and improved margins especially from industrial properties and construction operation.

Meanwhile, higher revenue for the three quarters ended Oct 31, 2010 was attributed to higher sales in construction services and concrete products.

Basic earnings per share rose to 5.45 sen from 2.65 sen. The group has declared dividends of 2 sen per share for the quarter.

"For the financial year 2011, the property market has shown a strong comeback especially for industrial properties with renewed buying interest due to low interest rate and better economic outlook and we expect this trend to continue in the fourth quarter.

"The group will continue to focus on the development of industrial properties at Nusa Cemerlang Industrial Park (NCIP) located in Nusajaya in the financial year 2012," it said.

Crescendo added that it expected its performance to improve for this financial year.