Crescendo Corp 4Q net profit soars on higher property sales

KUALA LUMPUR (March 30): Crescendo Corporation Bhd’s net profit for the fourth quarter ended Jan 31, 2017 (4QFY2017) more than tripled to RM11.46 million from RM3.17 million in the previous year, mainly contributed by higher properties sales.

Revenue increased 38% to RM84.4 million from RM61.4 million a year ago.

For its full year, Crescendo’s net profit almost quadrupled to RM70.31 million versus RM17.7 million in the previous year. Revenue was up 31% to RM254.36 million from RM194.57 million a year ago.

In a filing to Bursa Malaysia today, the group said given the challenging economic environment, it will be cautious in its launches to avoid holding high level of stock. Regardless, it expects a satisfactory performance for the year.

“With a committed sales in hand and unbilled revenue of RM158 million as at March 24, 2017 for the property development operation, the board expects the performance of the group to remain satisfactory for the financial year ending Jan 31, 2018,” it said. —

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