Favelle Favco Bhd’s units have secured RM106.4 million in orders to deliver tower cranes and offshore cranes either by year-end or end-2011.
In a statement yesterday, Favelle Favco said the buyers were Marr Contracting Pty Ltd, National Petroleum Construction Company, Northport (Malaysia) Bhd, JCM U-Link Joint Venture, Lindores Construction Logistics, Keppel Fels Limited, Essar Offshore Subseas Ltd and PTSC Mechanical and Construction.
Favelle Favco’s share price closed unchanged at 83.5 sen yesterday. The stock hit its 52-week high of RM1.15 on Aug 6, 2009 and dropped to its 52-week low of 74.5 sen on Jan 26, 2010.
Its net asset per share stood at RM1.02 as at March 31, 2010. For its first quarter ended March 31, 2010 (1QFY10), the group saw its revenue dip 34% to RM74.9 million. Net profit fell 31% to RM3.4 million on lower sales due to the global economic slowdown.
This article appeared in The Edge Financial Daily, August 3, 2010.
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