Faber posts RM32.47m net profit in 2QFY10

KUALA LUMPUR: FABER GROUP BHD [] net profit for the second quarter ended June 30, 2010 jumped to RM32.47 million from RM13.85 million a year ago, on the back of a 58.5% increase in revenue to RM270.22 million.

Earnings per share was 8.94 sen while net assets per share was RM1.16.

In said on Thursday, Aug 5, its integrated facilities management (IFM) business recorded a positive variance of RM106.8 million mainly due to business expansion in the UAE as well as higher variation orders, higher bed occupancy rates and additional new facilities at the government hospitals within the group's concession area.

In addition, the commencement of new housekeeping projects in India also contributed towards the positive variance, it said.

Faber said its property division recorded lower revenue by RM4.5 million mainly due to the completion of Phase 3 Laman Rimbunan, Kepong as most of the revenue for the project was already recognised in the preceding 2 years based on the percentage of work progress.

On its prospects for the current financial year, Faber said it was committed to improve contribution from all business divisions and focus its efforts on IFM business expansion, local and overseas.

It said the property division would improve its contribution to the group's revenue from the proposed new project launches in the second half of the year. 'We expect to meet our KPI targets for the year,' it said.

The company has targeted a revenue growth of between 12% to 15% for this year, and 15% to 18% return on equity (ROE).

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