EcoFirst posts Q2 net profit of RM4.06m

As the value of the company is tied to the performance of the company, it is in the interest of the warring shareholders to argue and fight outside the company.

KUALA LUMPUR: Ecofirst Consolidated Bhd posted net profit of RM4.06mil in Q2 ended Nov 30, 2018, versus RM29.61mil in the previous comparative quarter due to a gain from disposal of land recorded in the earlier period.

Year-to-date, the group recorded net profit of RM8.76mil versus RM35.3mil over the year-ago period.

In a statement issued today, the group said the lower profit was owing to the RM28.4mil gain on disposal of land in the previous year following the government's compulsory acquisition of the tract for the Sg Besi Ulu Kelang Elevated (SUKE) Expressway.

Meanwhile, revenue rose 16.45% to RM102mil over the six months period due mainly to contributions from Liberty @ Ampang Ukay, the sale of completed properties at Upper East @ Tiger Lane in Ipoh and recurring income from the retail mall.

According to EcoFirst, excluding gain from the compulsory acquisition, it posted a 14% rise in core operating income to RM14.5mil against RM12.7mil in the first half of 2017.

“The increase in our core operating income reflects our improving ability to generate organic growth,” said EcoFirst group CEO Datuk Tiong Kwing Hee. 

"Liberty is progressing well according to schedule and we're on track to meet its full completion in November 2019."

Tiong added that EcoFirst is looking to partner reputable and well-known brands for more impact over the short and medium term. 

The group had proposed to acquire a 70% stake in Lone Pine group's Geo Valley Sdn Bhd, which is developing a RM1.25bil gross development value mixed-use project in Paya Terubong.

"We are assessing a number of other projects in the Klang Valley that will boost EcoFirst’s bottom-line in the next two to three years. We will make the necessary announcement once the deals are concluded in accordance to the Bursa listing guidelines," said Tiong.