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Wednesday, December 31, 2014

Crescendo 3Q14 net profit falls 61.8% to RM18.07mil

KUALA LUMPUR: Crescendo Corporation Bhd's net profit for its third quarter ended Oct 31, 2014 fell 61.8% to RM18.07mil from RM47.35mil a year ago.

In a statement to Bursa Malaysia on Tuesday, the group said revenue for the period fell 6.9% to RM72.59mil from RM78.01mil a year ago.

Earnings per share fell to 7.94 sen from 21.43 sen a year ago.

For its nine months, net profit fell 6.5% to RM85.29mil from RM91.23mil a year ago while revenue fell 17.9% to RM193.29mil from RM235.71mil.

It said revenue for the period was lower due to lower sales in industrial properties while profit was down due to fair value gains of investment properties amounting to RM23mil recognised in the same period last year.

Moving forward, the group said it would continue to focus on the development of industrial, residential and commercial properties with the expectation of challenging market conditions. 

The unrecognised revenue from the total committed property sales as at Oct 31, 2014 and new sales committed after the same date is RM126mil.

Crescendo expects the group to perform better in the fourth quarter as compared to its third quarter.

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