Ekovest 3Q profit surges 72% on construction segment improvement

KUALA LUMPUR (May 30): An improved performance in the construction segment boosted Ekovest Bhd's net profit by 71.72% to RM29.4 million in the third quarter ended March 31, 2019 (3QFY19) from RM17.12 million in the same quarter last year.

Revenue increased 51.27% year-on-year to RM330.61 million, from RM218.55 million. Earnings per share (EPS) rose to 1.37 sen from 0.8 sen in 3QFY18, according to Ekovest's filing to Bursa Malaysia.

The group's construction segment revenue increased to RM258.49 million from RM107.32 million previously, owing to an increase in work on the River of Life projects as well as for the third phase of the Damansara Ulu Kelang Expressway.

For the cumulative nine months (9MFY19), Ekovest's net profit rose 7.44% to RM117.18 million, from RM109.06 million in the corresponding period last year, while revenue jumped 34.09% to RM996.68 million, against RM743.28 million previously. 9MFY19 EPS increased to 5.48 sen from 5.1 sen a year ago.

The group said it is working with the government on various infrastructure projects. "In addition, the company is also working together with local partners in Sabah and Sarawak to tender and secure construction contracts directly from the government," it said.

Ekovest shares yesterday closed at 6.16% or 4.5 sen higher at 77.5 sen, valuing the group at RM1.75 billion.

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