EcoFirst 4Q profit slides as KL48 project nears completion

PETALING JAYA (July 30): EcoFirst Consolidated Bhd's net profit fell 96.6% to RM485,000 for the unaudited fourth quarter ended May 31, 2026 (4QFY2026), as lower revenue recognition from its KL48 condominium project in Sungai Besi offset steady contributions from its property investment segment.

It said in a Bursa Malaysia filing on Thursday (July 30) that quarterly revenue had declined 74.4% to RM40.8 million from RM159.39 million a year earlier, mainly because the remaining phases of the KL48 development were nearing completion, resulting in lower progress billings.

No dividend was declared for the quarter.

For the 12-month financial period ended May 31, 2026, net profit attributable to shareholders declined 35.1% to RM16.16 million from RM24.89 million, while revenue fell 31.5% to RM310.72 million from RM453.91 million.

Despite weaker development revenue, EcoFirst's property investment segment recorded a slight increase in revenue to RM17.61 million from RM16.17 million, supported by improved rental rates at South City Plaza and higher occupancy at Liberty Arc in Ampang Ukay. Gross profit margin also improved to 18% from 16%, reflecting project cost savings achieved through value engineering.

Separately, EcoFirst said it has changed its financial year end from May 31 to Nov 30. As a result, its next audited financial statements will cover an 18-month period from June 1, 2025 to Nov 30, 2026, after which subsequent financial years will end on Nov 30.

Looking ahead, the group plans to launch Ellington @ Jade Hills in Kajang in the third quarter of 2026, subject to regulatory approvals. The mixed development has an estimated gross development value (GDV) of RM400 million.

It also highlighted its remaining 67-acre freehold landbank in Ampang Ukay, which underpins a phased integrated township with an estimated GDV exceeding RM8 billion over the next 15 years. The group said it will continue expanding its landbank in strategic locations with strong connectivity and development potential to support long-term growth.

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