KUALA LUMPUR (Nov 18): 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 with a net loss of RM583,000 a year ago.

In a filing with Bursa Malaysia today, the offshore crane manufacturer attributed its turnaround to better revenue, which saw a 27% year-on-year (y-o-y) rise to RM24.3 million from RM19.1 million a year ago.

Earnings per share for 3QFY14 was 1.49 sen from -0.36 sen in 3QFY13.

Handal noted that its integrated crane business, supply, fabrication and servicing of 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 with 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.

“In view of this, the group will continue to invest in new business activities so as to sustain growth as the demand for the oil and gas support services will remain healthy in the foreseeable future,” it said.

At 2.33pm, Handal was up 2 sen at 42 sen, giving it a market value of RM65.55 million.