Malaysian conglomerate Muhibbah Engineering Bhd reported that revenue declined 7.5 per cent last year, but gross profit increased in part due to its stake in the company that operates Cambodia’s three international airports.

The group’s revenues decreased to RM1.6 billion ($390 million) last year, from RM1.73 billion ($420 million) the previous year, while profit before tax grew to RM168 million ($41 million), compared to RM143 million ($35 million) in 2014, it said in unaudited consolidated year-end financial results.

Muhibbah attributed improving profits to the strong performance of its Favelle Favco Group subsidiary and its 21 per cent effective stake in Cambodia Airports, which posted double-digit passenger traffic growth last year.