Favelle Favco registers improved Q2 results

KUALA LUMPUR: Crane manufacturer Favelle Favco Bhd said earnings jumped 79% in the second quarter on higher revenue.

Net profit in the three-month ended June 30 was RM13.5mil compared with RM7.6mil a year ago.

Turnover rose 57% to RM153mil.

“The increase in group profit was mainly due to increase in sales,” Favelle Favco it said in filing today.

As of Sept 16, the group’s total outstanding order book was RM584mil, including RM90mil contributed by its intelligence automation division.

The bulk of its orders are from clients in the oil and gas industry, shipyard, construction and wind turbine industries.

The group expects stronger demand for its products and services in the coming months, but warned that the slow order intake last year to hurt its current year results.