Ekovest’s Q2 net profit up on EkoCheras contribution

PETALING JAYA: Ekovest Bhd saw its net profit for the second quarter ended Dec 31, 2017 rise by 33.85% to RM54.92 million from RM41.03 million a year ago on the back of higher sales recognition for the EkoCheras project which has seen advancement in work progress.

Ekovest is proposing to take over Iskandar Waterfront City Bhd (IWCity) from minority shareholders for either cash of RM1.50 or in exchange for one Ekovest share.

Its revenue for the period grew slightly by 8.33% to RM297.87 million from RM274.95 million in the same quarter in the previous year.

“The board expects the ongoing construction of SPE (SetiawangsaPantai Expressway), River of Life and related projects, the opening of the DUKE Phase-2’s toll revenue and the recognition of unbilled sales from property development activities to contribute positively to the group’s turnover and profitability in the current financial year,” its board of directors said on the prospects.

They are confident the group’s performance would remain satisfactory for the financial year ending June 30 2018.

Meanwhile, net profit for the six months grew by 19.09% to RM96.60 million from RM81.12 million. Revenue grew 10.45% to RM528.51 million from RM478.50 million.

On Bursa Malaysia yesterday, Ekovest fell 0.98% to RM1.01 with 5.13 million shares traded.