News by theedgemarkets.com

Ekovest Bhd reported a net loss of RM7.96 million for its third quarter ended March 31, 2022 (3QFY22), versus a net profit of RM27.54 million a year earlier, amid lesser contribution from its construction segment.

Malaysian Resources Corp Bhd clarified on Tuesday (May 31) that no proposal or offer has been received by the group so far regarding any potential restructuring of the group.

Set up in September 2020 with funding and talent by Sunway Property and Sunway Education Group, Sunway XFarms has nourished more than 1,800 families with over 15,000 kg of leafy vegetables grown and harvested right from the urban farm in Sunway's flagship smart sustainable city Sunway City Kuala Lumpur since its inception.

Despite the net loss, revenue for the quarter under review jumped 90.39% to RM72.43 million from RM38.04 million, driven by increased sales from all divisions particularly its property division.

The company aims to raise funds for the acquisition or refinancing of borrowings for the acquisition of new head office, performance bonds or cash deposits for construction projects, as well as working capital and listing expenditures.

"By harnessing our expertise in town-making and leveraging fruitful collaboration with like-minded partners such as Skyline Enterprises for our community place-making, today's ceremony demonstrates how we are able to create sustainable developments which can cater to the needs and wants of people, especially ones that are surrounded by nature with ample public spaces for the community," said Gamuda Land chief operating officer Chu Wai Lune in a press release.

In his speech, Sime Darby Property group managing director Datuk Azmir Merican said the ERKC aims to be a “gateway to Malaysia’s natural heritage”. “As a centre for environmental research and conservation, the facility focuses on environmental education and conservation, research and development, promotion of eco-tourism and other green activities, as well as workshops and hands-on interactive classes for residents, students and the public to learn about tropical rainforests, wildlife and tree planting,” he added.

Its property segment saw a 55% drop in pre-tax profit to RM26.5 million, as revenue fell 21% to RM175.1 million, mainly because projects launched in 2021 are at their initial stages of construction and have not reached the revenue and profit recognition threshold.

BDB said the division posted a pre-tax loss of RM3.9 million in the current quarter under review compared with a pre-tax profit of RM700,000 a year ago, due to lower margins from construction activities and road paving works.

"M333 St Kilda is our third project in Australia, following M.Carnegie and M.Greenvale that have been fully sold since they were launched in 2016 and 2019 respectively. Due to the good response of our previous projects, we are confident that there will be demand for M333 St Kilda. The construction works of the project will start in end-2022 and is expected to be completed in the fourth quarter of 2024," said Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin at the exclusive preview of M333 St Kilda.