Ipoh, Ulu Kelang projects help boost EcoFirst Q4 profit to RM7.7m
KUALA LUMPUR: Property development group EcoFirst Consolidated Bhd’s net profit surged 13 times to RM7.7 million in the fourth quarter ended May 31, from RM570,000 previously.
This was due to the completion of Upper East@Tiger Lane project in Ipoh, Perak, five months ahead of schedule, as well as the sales from the first phase of its RM5 billion flagship project Ampang Ukay in Ulu Kelang, Kuala Lumpur.
The firm’s group revenue rose 49.8 per cent to RM65.5 million from RM43.7 million in the previous corresponding quarter, said Ecofirst yesterday.
It maintained its net profit at RM16.1 million for the year, from RM16.0 million previously, and saw a marginally lower annual pre-tax profit of RM19.8 million, against RM20.2 million in the previous corresponding quarter.
Group revenue for the year edged up five per cent to RM127.2 million.
Ecofirst has sold 90 per cent of LIBERTY@Ampang Ukay, the first phase of Ampang Ukay, since its launch in March.
Located amid the affluent neighbourhoods on the boundary between Ampang and Ulu Kelang, LIBERTY@Ampang Ukay offers good value for its strategic location with well-priced starter homes just seven minutes’ drive to Kuala Lumpur city centre.
LIBERTY@Ampang Ukay is a mixed residential and retail development with three residential blocks of fully-furnished 1,632 SOHO (small office-home office ) units and 32 retail units, ideal for young professionals looking for their first property.
“We’re pleased that Ampang Ukay is progressing according to the scheduled plan. Our next immediate focus would be on Phase 2 Ampang Ukay, which is expected to be launched earlier than anticipated. With a gross development value of more than RM5 billion, Ampang Ukay would be the main driver of EcoFirst’s growth over the medium to long term,” said chief executive officer Datuk Tiong Kwing Hee.
As the last large freehold land on the borders of Ulu Kelang, this 34.97ha project is a jewel in EcoFirst’s crown.