Ecofirst’s 3Q profit falls 20.1% but latest project sees 99% take-up
By FocusM |   |  Mainstream, Property

KUALA LUMPUR: Ecofirst Consolidated Bhd’s net profit fell 20.1% to RM5.4 mil for its third quarter ended Feb 29 from RM6.7 mil in the same period last year.

In a filing with Bursa Malaysia today, the property developer said its revenue declined 24.7% to RM43.3 mil from RM57.5 mil previously, as Phase 1 of its Ampang Ukay flagship development - Liberty @ Ampang Ukay (with a gross development value of RM606.8 mil) - reached the tail-end of construction progress.

For the nine-month period ended Feb 29, Ecofirst said, its revenue dipped 21.2% to RM125.7 mil compared with RM159.5 mil in the same period in the previous year due to lower property sales.

The company’s net profit also dropped 3.1% to RM15% mil in that period from RM15.5 mil previously.

In a separate statement, the company said Liberty @ Ampang Ukay was completed on Jan 10 and recorded a take-up rate of 99% as at May 6.

Group CEO Datuk Tiong Kwing Hee said the strong take-up rate highlighted the robust demand for homes that combine affordability and premium designs in strategic locations.

“Being the first of our RM5 bil Ampang Ukay development, the success of Liberty @ Ampang Ukay points towards a promising future for the group, as we target further launches,” he added.

Tiong said the group is in the midst of receiving approvals from authorities for the Ampang Ukay masterplan which will provide the group with a clear 12-year development plan.

“Concurrently, we are also identifying pockets of land which we aim to quickly turn around and boost our earnings sustainability,” he added.

Ecofirst’s share price closed one sen lower at 34 sen today, with 283,000 shares transacted. - May 12, 2020, Bernama

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