Faber Group records 52.6% higher net profit of RM29m for 3Q

KUALA LUMPUR: Faber Group Bhd posted a 52.6% higher net profit of RM29 million for its third quarter (3Q) ended Sept 30, 2010 from RM19 million a year ago, underpinned by higher revenue.

In a filing to Bursa Malaysia, the group recorded revenue of RM230.7 million, up 16.6% from RM197.8 million a year ago on the back of higher contribution from its integrated facilities management (IFM).

However, contribution from its property division fell by RM32.4 million largely due to the completion of the third phase of its Laman Rimbunan project in Kepong, as revenue from the project was already recognised in the preceding two years based on the percentage of work progress.

Year-to-date, group revenue stood at RM684.9 million against RM509.2 million posted a year ago, supported by its IFM division despite losses made by the property division.

The group expects to maintain its performance in the next quarter with contributions from its property division expected to show improvement following proposed new launches during the period.

Earnings per share stood at 7.99 sen, up from 5.23 sen a year ago.
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