Ekovest 1Q net profit up 13% on higher contribution from property development, toll ops

KUALA LUMPUR (Nov 30): Ekovest Bhd, controlled by tycoon Tan Sri Lim Kang Hoo, saw its net profit rise 13% to RM43.87 million in its first financial quarter ended Sept 30, 2018 (1QFY19) from RM38.84 million a year ago, on higher contribution from the property development and toll operation sectors.

This resulted in a higher earnings per share of 2.05 sen for 1QFY19 compared with 1.82 sen for 1QFY18.

Quarterly revenue also increased 33% to RM304.89 million from RM229.16 million a year ago.

In a filing with Bursa Malaysia, Ekovest said the group's profit growth was lower compared with revenue in the current quarter under review due mainly to higher interest expense incurred for the toll operation sector.

On prospects, Ekovest expects the ongoing construction of the Setiawangsa-Pantai Expressway, River of Life and related projects, the toll revenue and the recognition of unbilled sales from property development activities to continue to contribute positively to the group's turnover and profitability in the current financial year ending June 30, 2019 (FY19).

"Barring any unforeseen circumstances, the board of directors is confident that the group’s performance would remain satisfactory for FY19," it said.

Ekovest shares closed unchanged at 44 sen today, with 17.55 million shares done, bringing it a market capitalisation of RM941.27 million. —

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