EcoFirst reports earnings jump in Q2

The Star Online CORPORATE NEWS

Tuesday, 30 Jan 2018 | 5:23 PM MYT

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KUALA LUMPUR: EcoFirst Consolidated Bhd reported second quarter earnings of RM27.52mil, over five times the earnings reported in the year-ago quarter as revenue jumped threefold to RM40.43mil.

For the first half ended Nov 30, 2017, the company reported earnings of RM31.12mil on revenue of RM85.22mil. Earnings per share for the period came to 3.97 sen as compared to 0.82 sen in the year-ago period.

The group said revenue for the six months was owing to contributions from the group’s development projects as well as recurring income from two malls.

The current year to-date results also include gain from disposal of land due to compulsory acquisition by the government amounting to RM28.4mil.

On outlook, contribution from the Upper East project in Ipoh is expected to continue from the sales of remaining units.

The Liberty project is expected to contibute positively in FY2018 while Phase 2 of Ampang Ukay is targeted to launch by the last quarter of FY2018.

With regards to the property investment division, South City Plaza at Seri Kembangan shall continue to derive rental income for the period.

“Moving forward, the Group will prudently focus on the expansion of its existing revenue generating businesses and continue to look for new business opportunities,” it said.

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