Friday 29 Mar 2024
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KUALA LUMPUR (April 28): Property developer EcoFirst Consolidated Bhd, which saw its net profit more than double to RM1.51 million in its third financial quarter ended Feb 29, 2016 (3QFY16), will focus on the acquisition of 87 acres of prime land in Ulu Klang, Selangor, which is currently underway.

Its group chief executive officer (CEO) and executive director Datuk Tiong Kwing Hee said the plans it has for the land will keep it busy and secure steady income for EcoFirst for the next 10 years.

"Once we complete the acquisition, EcoFirst will own one of the few remaining large parcels of freehold land in the Klang Valley, strategically located 10 minutes away from the Kuala Lumpur city centre. This will bode well for the long-term future of the group," he said in a statement today.

On Dec 31, 2013, EcoFirst had announced that it was buying two pieces of land measuring 61.58 acres in Ulu Klang from Zurich Insurance Malaysia Bhd for RM145 million. The land had been designated for a mixed-use project with a gross development value (GDV) of more than RM1 billion.

EcoFirst had on April 20 last year also announced that it was planning to buy another parcel of land measuring 25.09 acres in Ulu Klang from Tan & Tan Developments Bhd for RM62.9 million.

However, EcoFirst's acquisition of the two parcels of land from Zurich has so far been delayed due to technical issues on land alignment.

Meanwhile, Tiong said its Upper East @ Tiger Lane luxury condominium project in Ipoh, Perak, will be the group's main driver for the rest of financial year ending May 31, 2016 (FY16).

"The project is significantly ahead of schedule, and has made strong contributions of 77% to our revenue stream," he said.

Upper East @ Tiger Lane, which sits on 7.6 acres of freehold land, carries a GDV of RM300 million.

Revenue for 3QFY16 rose 6.3% to RM30.46 million from RM28.67 million in 3QFY15, with recurring income generated from its two malls, South City Plaza and 1Segamat Mall, which also contributed to the increase.

For the cumulative nine-month period (9MFY16), EcoFirst's net profit surged more than 10 times to RM15.59 million from RM1.45 million in 9MFY15, while revenue rose 98% to RM77.43 million from RM39.14 million.

As at 4.14pm, EcoFirst traded down one sen or 3.92% at 24.5 sen with 452,000 shares done. Its market capitalisation stood at RM186.19 million.

 

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