KUALA LUMPUR (May 31): Ekovest Bhd’s net profit for the third quarter ended March 31, 2016 (3QFY16) more than doubled to RM11.08 million, while its turnover rose by 47.5% to RM184.77 million, as it saw higher revenue in its construction segment and toll operation.

Ekovest, which owns the concession for Duta–Ulu Klang Expressway (DUKE), said in its Bursa Malaysia filing yesterday that net profit for the cumulative period in this financial year (9MFY16) grew by 105.9% year-on-year to RM20.27 million from RM9.84 million in 9MFY15.

Cumulative revenue came to RM502.51 million, 57.5% higher than the previous corresponding period’s RM319.001 million. 

The cumulative period's improved financials were largely due to the same reason as the quarterly improvements.

“The board (of Ekovest) expects the construction of the RM1.18 billion DUKE Phase 2, toll revenue and the recognition of unbilled sales from property development activities to contribute to the group's turnover and profitability in the current financial year,” said the company, which is controlled by property tycoon Tan Sri Lim Kang Hoo.

Ekovest said its 4QFY16 performance shall remain satisfactory, barring unforeseen circumstances.

Ekovest shares settled two sen or 1.3% higher upon closing at RM1.56 apiece yesterday, valuing the company at RM1.31 billion.