KUALA LUMPUR (Nov 22): Favelle Favco Bhd (KL:FAVCO) sank into the red in the third quarter — the crane manufacturer's first quarterly loss since listing back in 2006 — on foreign exchange loss.

Net loss for the quarter ended Sept 30, 2024 (3QFY2024) stood at RM7.58 million versus a net profit of RM12.1 million in the same quarter last year, according to the company's bourse filing on Friday.

Quarterly revenue, however, rose 26.56% to RM189.88 million from RM150.04 million. No dividend was declared for the quarter.

The company registered a forex loss of RM27.4 million for 3QFY2024 due to the rapid strengthening of the ringgit, particularly during September. However, it noted the "bulk" of the forex loss remains unrealised.

Outside Malaysia, the company has crane manufacturing businesses based in the US, China, Denmark and Australia.

For the nine months ended Sept 30 (9MFY2024), net profit fell 68.08% to RM10.98 million from RM34.4 million in the same period last year, while revenue jumped 23.95% to RM569.38 million from RM459.35 million.

Favelle Favco noted that despite the challenging outlook going forward, the company remains supported by an outstanding order book of RM623 million as of Nov 16, 2024.

“With rising construction activities in the Middle Eastern countries, shipyards' modernisation and expansion including replacing ageing equipment, the group is hopeful for an increase in orders moving forward,” it added.

Shares in Favelle Favco ended one sen or 0.54% lower at RM1.83 on Friday, valuing the company at RM432.91 million.