EcoFirst’s 4Q net profit down 67% on lower investment property gains, higher costs

• For the full financial year, EcoFirst’s net profit jumped 91.75% to RM24.60 million from RM12.83 million in FY2024, as revenue more than doubled to RM454.10 million from RM162.68 million.

KUALA LUMPUR (July 30): EcoFirst Consolidated Bhd (KL:ECOFIRS) has reported a 66.5% drop in fourth-quarter net profit to RM13.95 million, from RM41.70 million a year earlier, weighed down by reduced fair value gains on investment properties and higher costs.

Revenue for the quarter ended May 31, 2025 (4QFY2025), however, surged 88.28% to RM159.58 million from RM84.76 million, driven by higher work progress on the group's KL48 property development project, said the property developer in a bourse filing on Wednesday.

No dividends were declared for the quarter.

For the full financial year, EcoFirst’s net profit jumped 91.75% to RM24.60 million from RM12.83 million in FY2024, as revenue more than doubled to RM454.10 million from RM162.68 million.

Looking ahead, EcoFirst said it is seeking strategies to avoid price hikes arising from the expansion of the sales and service tax (SST) and tariff-related risks.

The group said the 6% SST on certain construction materials and construction services could increase home prices, lower profit margins, and potentially cause a market slowdown.

It added the new tax would add to the financial burden of developers already paying indirect taxes on materials, services and labour, forcing a review of timelines and pricing of its ongoing and future development plans.

“The board of directors is seeking ways to make adjustments to the existing plans in order to avoid price hikes and to address the exact impact,” the group said.

Shares of EcoFirst closed unchanged at 40 sen on Wednesday, valuing the group at RM483.17 million.

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