KUALA LUMPUR (Feb 20): Favelle Favco Bhd’s units have secured six contracts to supply tower cranes and offshore cranes to various clients for a cumulative sum of RM61.1 million.

Its units Favelle Favco Cranes Pty Ltd, Favelle Favco Cranes (USA), Inc and Favelle Favco Cranes (M) Sdn Bhd received the purchase orders or letter of intent for the contracts between November 2018 and today.

There are four contracts for the supply of tower cranes. One is expected to be delivered by the first quarter of 2019, while two are to be delivered by the second quarter; the fourth is scheduled for third quarter delivery.

There are two contracts for the supply of offshore cranes, and both are expected to be delivered by end-2019.

The contracts are expected to contribute positively to the earnings and net assets of the company for the financial year ending Dec, 31 2019 and beyond, it said.

Favelle Favco closed five sen or 2% higher at RM2.55, for a market value of RM564.11 million.