PETALING JAYA: Crescendo Corp Bhd posted a 190% year-on-year jump in net profit to RM14.4mil for the third quarter ended Oct 31,2020, while revenue increased 19% year-on-year to RM67.8mil, mainly due to more revenue recognition from higher margin industrial properties.
For the nine months under review, net profit dropped 16% to RM20.1mil while revenue was 17% lower year-on-year to RM152.4mil, as the various movement control orders (MCOs) since March 2020 have led to slower demand for properties.
On a quarter-on-quarter basis, the property developer’s net profit jumped 283% while revenue increased by 64%, mainly due to more revenue recognition from industrial properties and higher sales of concrete products as the restrictions on economic activities were relaxed during the recovery movement control order period.
...