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Faber posts 30.6% jump in revenue for 1Q2010

KUALA LUMPUR: Faber Group Bhd (Faber) saw a 30.6% rise in revenue of RM184 million for 1Q2010, compared with RM140.9 million in 1Q2009. Its profit before tax for 1Q2010 was RM23.9 million, or an increase of RM9.8 million, compared with RM14.1 million in 1Q2009.

According to a statement by the Group, the major contributor for the rise in its revenue was the Integrated Facilities Management Division (IFM), which reported RM127 million owing to higher variation order, higher bed occupancy rate and additional new facilities at government hospitals under the Group’s concession areas. Its property division, however, reported a lower revenue of RM2.1 million compared with RM6.2 million in the same period last year due to lower progress billings from its existing on-going projects in Laman Rimbunan in Kepong, Kuala Lumpur.

Managing Director of Faber Adnan Mohammad said: “The Group will endeavour to improve contribution from all business divisions and focus its efforts on IFM business expansion, local and overseas. The Group expects the growth from the UAE IFM business to be the main driver to the Group’s growth. The Property Development Division will sustain its contribution to the Group’s revenue from the new project launches in the current financial year and in line with the improved property market sector.”
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