KUALA LUMPUR: Handal Resources Bhd has returned to the black with a net profit of RM2.39 million for its third financial quarter ended Sept 30, 2014 (3QFY14), compared to a net loss of RM583,000 a year ago.

In a filing with Bursa Malaysia yesterday, the offshore crane manufacturer attributed its turnaround to better revenue, which saw a 27% rise to RM24.3 million from RM19.1 million a year ago. Earnings per share for 3QFY14 was 1.49 sen compared to a loss per share of 0.36 sen in 3QFY13.

Handal noted that its integrated crane business, supply, fabrication and servicing industrial equipment and tank segment, and its supply of telecommunication and broadcasting system business registered higher revenue during the quarter.

For the nine-month period (9MFY14), net profit stood at RM3.64 million compared to a net loss of RM359,000 a year ago, while revenue climbed 22.5% to RM73.95 million from RM60.36 million in 9MFY13.

Handal expects challenging market conditions for the remainder of its financial year, but aims to sustain its performance despite the dampened global oil price.

This article first appeared in The Edge Financial Daily, on November 19, 2014.