Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 30): Ekovest Bhd closed its fourth quarter ended June 30, 2018 (4QFY18) with net profit declining 93.4% to RM1.22 million from RM18.42 million a year ago on lower revenue and other income, as well as higher expenses.

Subsequently, quarterly earnings per share (EPS) dropped to 0.06 sen from 0.86 sen previously. The group has proposed a first and final single tier dividend of one sen per share, down from two sen last year.

Revenue in the quarter slipped 4.95% to RM302.68 million from RM318.45 million a year ago.

For the full-year ended June 30 (FY18), Ekovest’s net profit was flattish at RM114.65 million from RM114.75 million in FY17.

In terms of operating businesses, the lower gross profit from Ekovest’s construction arm was offset by better contribution from its property management arm and toll operations.

Full-year revenue slid 3.4% at RM1.05 billion from RM1.09 billion previously.

“The slight decrease in the group revenue was due to less work done in the construction sector, mitigated by increase in revenue from the property development and toll operations,” it said.

On prospects, Ekovest said it expects the ongoing construction of Setiawangsa-Pantai Expressway, Kuala Lumpur River of Life and related projects, unbilled property sales as well other ongoing operations to contribute positively.

Shares of Ekovest closed 3.47% or 2.5 sen lower at 69.5 sen, giving the group a market capitalisation of RM1.5 billion.

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