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- "Crescendo also noted that the recent 25-basis-point cut in Bank Negara Malaysia’s Overnight Policy Rate is expected to create a "favourable environment for homebuyers and investors".
KUALA LUMPUR (Dec 30): Johor-based property developer Crescendo Corporation Bhd (KL:CRESNDO) reported a 31% year-on-year decline in its third-quarter net profit, mainly because the previous year had benefitted from one-off gains from data-centre-linked land sales at the Nusa Cemerlang Industrial Park.
For the quarter ended Oct 31, 2025 (3QFY2026), the group's net profit fell to RM70.3 million or 8.35 sen per share, compared to RM101.3 million, or 12.08 sen per share, in the previous year. Revenue dipped 6% to RM217.4 million from RM231.2 million, its bourse filing showed.
The group declared a special single-tier dividend of six sen per share, payable on Feb 10, 2026. This raised its year-to-date payout to seven sen, as opposed to seven sen in the same period last year.
The group’s core property development and construction operations remained the dominant revenue driver. This segment generated RM201.7 million in revenue and RM85.5 million in operating profit, accounting for over 78% of group revenue and 81% of operating profit.
For the cumulative nine months ended Oct 31, 2025, the decline was more pronounced. Net profit fell to RM93.70 million from RM523.72 million in the corresponding period last year, as revenue fell 66% to RM362.76 million from RM1.08 billion.
Despite the lower earnings, the company remains bullish on the Johor property market. This optimism is underpinned by the upcoming Johor Bahru–Singapore Rapid Transit System (RTS) Link and the development of the Johor–Singapore Special Economic Zone (JS-SEZ).
Crescendo also noted that the recent 25-basis-point cut in Bank Negara Malaysia’s Overnight Policy Rate is expected to create a "favourable environment for homebuyers and investors".
Moving forward, Crescendo said it will adopt a prudent approach by leveraging its strategic land bank to develop properties aligned with market demand while managing rising costs arising from minimum wage adjustments, subsidy rationalisation for fuel and subsidy, and the expansion of the service tax.
As of end-October, Crescendo’s land bank (including parcels currently under development) totalled 2,486 acres.
Over the next year, the company plans to launch 167 units of mid- to high-end landed residential properties at Bandar Cemerlang and 24 units of semi-detached factories at Bandar Cemerlang Industrial Park. These projects represent a combined total gross development value (GDV) of RM289 million.
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