Full-year FY09 core net profit grew 32.8%. 4QFY12/09 net profit of RM42.6m (+138.3% yoy) beat our and consensus expectations with full year net profit of RM82.7 (+32.8% yoy) accounting for 134.9% and 135.6% of our and consensus full-year estimates respectively. We believe the key variance was higher-than-expected revenue from the UAE contract arising from new variation orders. This boosted FY09 earnings despite the drop in property earnings (full-year property’s segment EBIT drop 34.3% yoy) that was affected by the global recession last year.
Faber Group Berhad : Full-Year Core Earnings Boosted By UAE Contract- 01/03/2010
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