Favelle Favco up 36%
Favelle Favco the Malaysian based offshore pedestal and tower crane manufacturer has announced headline numbers for its first nine months.
Revenues grew by 35.8 percent to RM321 million ($96.8 million) while net profits increased by 67.7 percent to RM12.6 million ($3.8 million). profits from the company’s crane revenues are tax-exempt due to its recently acquired pioneer status.
The group said that as of November 2007, it had an outstanding order book of RM559 million ($169 million), of which 70 percent is made up of offshore pedestal cranes mainly for the oil and gas industry.
Given the upward trend in the third quarter and its strong order book, the company is forecasting an increasing pace of growth in 2008.