Ekovest’s Q3 profit drops slightly to RM11.06m
Ekovest Bhd’s net profit was slightly down to RM11.06 million in the third quart e r e n d e d Ma r c h 3 1 , f r o m RM11.08 million a year ago.
At pre-tax level, the profit rose to RM43.88 million from RM16.54 million in the same period last year.
The slight decline in net profit was mainly due to the one-off expense of RM22.62 million on the recognition of the fair value adjustment pursuant to the granting of the employee’s share option scheme on March 8, said Ekovest.
Managing director Datuk Seri Lim Keng Cheng expects its performance for the year ending June 30 to improve on existing projects.
“The board expects the ongoing construction of the DUKE Phase-2 and Setiawangsa-Pantai Expressway (SPE), as well as toll revenue and the recognition of unbilled sales from property development activities to con- tribute positively to the group’s turnover and profitability in the current financial year.
“M o r e o v e r, t h e r e c e n t l y - opened DUKE Phase 2 is expected to contribute to the group’s turnover.
“We believe the group will be able to capitalise on growth opportunities in the long run,” said Lim.
For the nine-month period, Ekovest’s net profit stood at RM92.18 million, up from RM20.27 million. Group revenue was at RM291.75 million, a 58 per cent increase over the RM184.77 million posted a year ago.
Ekovest said the increase in revenue and profit in the quarter was mainly due to the commencement of preliminary and construction work for SPE.
The property development segment also contributed to a higher revenue from the increased sales recognition of EkoCheras project, coupled with an advanced progress work.