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KUALA LUMPUR: Ekovest Bhd
's net profit for its second quarter ended Dec 31, 2017 rose to RM55.46 million compared with RM41.03 milion a year ago.
Revenue increased to RM297.87 million from RM274.95 million previously, mainly due to higher sales recognition for EkoCheras project following advanced progress work done.
In addition, the full opening of the Duke Phase 2 on Oct 23, 2017 has also contributed to the increase in the toll revenue recognised compared with the preceding quarter, said the construction firm in a filing with Bursa Malaysia today.
For the cumulative six months period to Dec 31, 2017, net profit rose to RM96.60 million from RM81.12 million a year ago.
Revenue grew to RM528.51 million from RM478.50 million a year earlier.
As for prospects, Ekovest expected the ongoing construction of the Setiawangsa-Pantai Expressway (SPE), 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 its turnover and profitability in the current financial year.
“Barring any unforeseen circumstances, the board is confident that the group's performance would remain satisfactory for the financial year ending 30 June 2018,” it added.
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