Ekovest rises 2.66% on projects outlook

KUALA LUMPUR (Dec 26): Ekovest Bhd shares rose 2.66% in early trade this morning after the company said it is confident of securing at least RM2.5 billion worth of projects in the new year and is aiming to receive the government's endorsement on Phase 2A of the Duta-Ulu Kelang Expressway (DUKE) next year.

At 9.05am, Ekovest rose 2.5 sen to 96.5 sen with 3.13 million shares traded.

"For next year, we have tendered for RM5 billion worth of projects that are mostly infrastructure; we can easily target a 50% success rate," said managing director Tan Sri Lim Keng Cheng.

On earnings prospects, Lim said the group's profitability next year would "definitely be better", driven mainly by its construction segment, as its projects — be it infrastructure or property development — are usually undertaken by its in-house construction unit.

As for its property development segment, the group will be more inclined towards building affordable homes in the near future. However, the group will be more infrastructure-centric next year. — theedgemarkets.com