Ekovest’s Q3 profit drops slightly to RM11.06m

New Straits Times - - Business -

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.

PIC BY GHAZ­ALI KORI

Ekovest man­ag­ing direc­tor Datuk Seri Lim Keng Cheng ex­pects on­go­ing projects to boost firm’s per­for­mance this year.

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