Crescendo Corp records higher profit from industrial properties

TheStar Wed, Dec 30, 2020 07:40am - 3 years View Original


Regarding its outlook, Crescendo Corp said while the business is challenging in the short-term, the demand for residential landed properties in strategic growth areas with good accessibility and connectivity remains resilient.

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.

...

Full Article on TheStar

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

CRESNDO 2.810

Comments

Login to comment.