Ekovest posts net profit of RM3.08 million with lower revenue in 1QFY24

• The segment's operating profit grew to RM45.61 million compared with RM13.19 million in the preceding year's corresponding quarter mainly due to the group's Setiawangsa-Pantai Expressway (SPE) project, which is nearing completion, where there are some savings on the construction cost upon the gradual finalisation of the sub-contractors’ final account and certifications, Ekovest said.

KUALA LUMPUR (Nov 30): Ekovest Bhd’s net profit soared to RM3.08 million in its first financial quarter ended Sept 30, 2023 (1QFY2024) from RM182,000 a year ago, thanks to improved results from its construction operations.

The group's quarterly revenue, however, dropped by 15.8% to RM271.9 million from RM322.9 million previously, according to its filing with Bursa Malaysia.

Its construction segment reported marginally higher revenue at RM165.26 million for 1QFY2024 against RM156.93 million in 1QFY2023.

The segment's operating profit grew to RM45.61 million compared with RM13.19 million in the preceding year's corresponding quarter mainly due to the group's Setiawangsa-Pantai Expressway (SPE) project, which is nearing completion, where there are some savings on the construction cost upon the gradual finalisation of the sub-contractors’ final account and certifications, Ekovest said.

As a diversified construction engineering company, Ekovest is also involved in property development, toll operations, plantation, food and beverages, and property investment.

"The board remains optimistic in delivering positive financial results and is confident each of the group’s segments would contribute positively to the group’s performance for the new financial year ending June 30, 2024," Ekovest said of its prospects for the year.

Shares of Ekovest closed unchanged at 45 sen with a market capitalisation of RM1.32 billion.

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