Ekovest dips 2.61% on lower 4Q earnings

KUALA LUMPUR (Sept 5): Ekovest Bhd shares dipped 2.61% this morning after it reported an 86.5% lower net profit for the fourth quarter ended June 30, 2017 (4QFY17), which stood at RM18.42 million, compared with RM136.17 last year on lower recognition of fair value adjustment for investment properties.

At 9.40am, Ekovest fell 3 sen to RM1.12 with 1.11 million shares traded.

Its quarterly revenue was, however, up 9.41% to RM318.45 million from RM291.07 million last year.

For the full year ended June 30, 2017 (FY17), its net profit fell 28.8% to RM110.6 million or 5.17 sen a share from RM155.41 million or 7.27 sen a share, in the previous year. Its revenue grew 37.2% to RM1.09 billion from RM793.58 million last year.

Ekovest expects SPE, River of Life, DUKE Phase-2's toll revenue, and unbilled sales from property development activities to contribute positively to the group's future results. — theedgemarkets.com

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