Ekovest records 52% drop in net profit in 1Q

KUALA LUMPUR: Ekovest Bhd recorded a drop in net profit for its first quarter (1Q) financial results ended Sept 30, 2010 of 52% to RM1.005 million from RM2.094 million a year ago, the group announced to Bursa Malaysia on Monday Nov 29.

Revenue earned during this same period dropped by 60% to RM21.255 million from RM52.918 million the previous year.

The group attributed the drop in profit to lower revenue reported in the said period.

The basic earning per share is for the quarter dropped to 0.70 sen from 1.48 sen a year ago. Net assets per share dropped to RM2.1662 from RM2.1916 the previous year.

Ekovest's primary activities are construction and civil engineering.