KUALA LUMPUR: Units of Favelle Favco Bhd have secured a total of six contracts for the supply of tower cranes, worth a cumulative of RM78.3 million.

In a bourse filing yesterday, it said its wholly-owned subsidiaries, Favelle Favco Cranes Pty Ltd, Favelle Favco Cranes (M) Sdn Bhd and Favelle Favco Cranes Pte Ltd, received the purchase orders from March up to the date of announcement.

The contracts are expected to be delivered between the second quarter (2Q) of 2019 and 1Q of 2020.

“The above contracts are expected to contribute positively to the earnings and net assets of Favelle [Favco] for the financial year ending Dec 31, 2019 and beyond,” it said.

Favelle Favco closed three sen or 1.12% lower at RM2.65 yesterday, with a market capitalisation of RM587.32 million. The stock has climbed over 14% in the past 12 months.