KUALA LUMPUR: Crescendo Corporation Bhd
posted a significant increase in net profit of RM102.99 million for the third quarter ended Oct 31, 2024 (3Q FY2025), compared to RM17.97 million in the same period last year.
In a filing with Bursa Malaysia today, the industrial building construction company said the revenue increased to RM231.24 million from RM101.79 million previously.
For the nine months of the financial year ending Jan 31, 2025, the company registered a higher net profit of RM532.86 million, compared to RM35.46 million, while revenue surged to RM1.08 billion, versus RM221.24 million previously.
"The surge in net profit and revenue was mainly contributed to by the data centre land sales in Nusa Cemerlang Industrial Park,” the company noted.
Moving forward, Crescendo expressed optimism about the property market, particularly in Johor, over the next few years noting that the influx of foreign direct investments into Johor is expected to sustain strong demand for industrial properties.
The company also highlighted its intention to monitor market conditions, especially the impact of global economic uncertainty, fluctuating material costs, currency volatility, minimum wage adjustments, and subsidy rationalisation on its operations.
"The group will adopt a prudent approach, leveraging its strategic land bank to develop properties that meet market needs,” it said.
Crescendo also emphasised the potential growth in demand for landed properties in strategic areas with strong infrastructure and connectivity, noting its commitment to adapting strategies, product designs, and launch timing to respond effectively to market dynamics.
Separately, Crescendo announced in another filing that its indirect 60 per cent owned subsidiary, Unibase Concrete Industries Sdn Bhd, has entered into a conditional sale and purchase agreement with Brillantek Sdn Bhd to dispose of two plots of freehold vacant land at Pontian, Johor, totalling 6.37 hectares for RM18.86 million.
"The land will be planted with orchard crops, and the landowner is required to protect it from erosion as per the orders of the land administrator,” it said.
Additionally, Crescendo also reported that its indirect 50.4 per cent owned subsidiary, Unibase Pre-cast Sdn Bhd, signed an agreement with Korsahavet Sdn Bhd to sell three plots of freehold vacant land at Pontian, Johor, totalling 12.72 hectares for RM37.67 million.
"The land will be designated for medium industry use, specifically for manufacturing of ready-mixed and precast concrete products, following plans approved by the relevant local authority,” it said. - Bernama
