KUALA LUMPUR (Aug 27): Crane manufacturer Favelle Favco Bhd’s net profit more than doubled for the second quarter ended June 30, 2019 (2QFY19) to RM16.47 million from RM7.25 million in the previous corresponding quarter as its sales ballooned.

Quarterly revenue also more than doubled to RM199.31 million from RM89.84 million in 2QFY18.

Earnings per share significantly jumped to 7.43 sen per share from 3.28 sen previously.

For the first half of the year (1HFY19), Favelle Favco posted a net profit of RM31.24 million, up 144.8% from RM12.76 million in the same period last year, as revenue leapt 85% to RM355.32 million from RM192.09 million.

In a filing with Bursa Malaysia today, Favelle Favco said despite the challenging outlook in the current market, the group has an outstanding order book of approximately RM562 million as at August 21, 2019 from the global oil and gas, shipyard, construction and wind turbine industries, and intelligent automation.

"The group will also increase the tower crane rental fleet in order to improve rental income globally," it said.

Shares of Favelle Favco closed at RM2.73, up one sen today, giving it a market capitalisation of RM609.04 million.