KUALA LUMPUR: EcoFirst Consolidated Bhd posted a surprise surge in fourth quarter (Q4) earnings, rounding out its financial year ended May 31, 2017 (FY17) on a strong note after three successive quarters of year-on-year profit contraction.
In a filing with Bursa Malaysia, the property developer said earnings surged to RM7.77mil in Q4 from RM608,000 a year earlier on 50% higher revenue of RM65.55mil.
The final-quarter effort pushed up its FY17 earnings to RM15.62mil, but the figure fell marginally short of the FY16 earnings level of RM16.2mil. Revenue for the year, however, grew 5% to RM127.2mil.
EcoFirst said the strong Q4 results were driven by the early completion of its Upper East @ Tiger Lane project in Ipoh, Perak, as well as sales from the first phase of its RM5bil flagship project Ampang Ukay in Ulu Kelang, Kuala Lumpur.
In a press statement, the company said it had sold 90% of Liberty@Ampang Ukay, the first phase of Ampang Ukay, since its launch in March 2017.
This is a mixed residential and retail development with three residential blocks of fully-furnished 1,632 small office-home office (SoHo) units and 32 retail units, said to be ideal for young professionals looking for their first property.
“We are pleased that Ampang Ukay is progressing according to the scheduled plan. Our next immediate focus will be on Phase 2 Ampang Ukay expected launch to be earlier than anticipated,” said group chief executive officer Datuk Tiong Kwing Hee
“With a GDV (gross development value) of more than RM5bil, Ampang Ukay will be main driver for EcoFirst’s growth over the medium to long term.”
As the last large freehold land on the borders of Ulu Kelang, this 87-acre project represents the jewel in Ecofirst’s crown.