Ecofirst Q2 profit rises to RM11.74m

KUALA LUMPUR: Property developer Ecofirst Consolidated Bhd’s net profit jumped to RM11.74mil in the second quarter ended Nov 30, 2015 from RM150,000 previously.

Ecofirst said the  group recorded a huge increase of RM9.5mil in profit before tax for the current quarter at RM12.9mil as compared to RM3.4mil in the preceding quarter. The increase was substantially due to reversal of over provision of tax penalties and interests.

Its revenue for the second quarter rose to RM23.62mil against RM5.35mil in the same period a year ago.

The group’s revenue for the six month Nov 30, 2015 at RM46.9mil was contributed mainly from the development project in Ipoh, Perak known as Upper East @ Tiger Lane as well as recurring income from the two malls of the group.

“The 529 unit luxury condominium Upper East project progressed according to schedule and had contributed to 75% of the group’s revenue,” Ecofirst said.

Ecofirst posted a net profit of RM14.08mil in the first six months to Nov 30, 2015 from RM866,000 previously.

The property development division  (Upper East project) contributed RM6.3mil (after finance cost) to the group’s profit before tax.

“The current year to-date results also included reversals  of RM10.4mil over provision of tax penalties and interests upon a scheduled payment settlement being agreed with Inland Revenue Board on outstanding  taxes  and related penalties and interests owed by subsidiaries of the group,” Ecofirst said.