PETALING JAYA: Favelle Favco Bhd ’s net profit jumped by almost 79% year-on-year (y-o-y) in the second quarter ended June 30, 2021, driven by stronger sales. The construction crane manufacturer said it posted a net profit of RM13.55mil as compared to RM7.57mil in the previous corresponding quarter. Cumulatively, for the first half of financial year 2021 (H1), net profit improved by 30.28% y-o-y to RM25.37mil from RM19.48mil a year earlier. “With the global economic slowdown for the year 2020 as a result of the Covid-19 pandemic, the slow order intake of 2020 will be felt in 2021. “Even though we expect the order intake will improve in 2021, the overall situation is expected to remain challenging.
