Faber ends financial year with net profit of RM78.78 million

KUALA LUMPUR: Faber Group Bhd closed its financial year ended Dec 31, 2010 (FYE 2010) with revenue and net profit of RM888.84 million and RM78.78 million respectively.

Its revenue was higher than the RM805.28 million posted a year ago but its net profit was down from the RM82.68 recorded a year ago, it said on Friday, Feb 25 in a Bursa announcement.

The positive variance in revenue was mainly due to higher revenue  from IFM division by RM137.2 million. However, the property division recorded a negative variance of RM53.4 million.

Its decreased profit was attributed to lower profit from property division of RM15.4 million, compared to RM28.1 million in 2009 as a result of lower revenue. The higher profit for the IFM Concession in FYE 2009  was due to favourable one-off non-recurring items totaling RM13.8

million.

It posted revenue and net profit of RM203.94 million and RM2.90 million respectively in its fourth quarter.

Contribution from the IFM Non-Concession is expected to be lower in FYE 2011 due to  the non renewal of IFM non-healthcare contracts in United Arab Emirate. However, it expects higher contribution from property division following the launches of several projects in last quarter of 2010 and first quarter of 2011.

It recommended a dividend of 8% less 25% income tax for the financial period under review, which is subjected to shareholders approval at the forthcoming annual general meeting.