KUALA LUMPUR (July 30): EcoFirst Consolidated Bhd aims to achieve a sales target of RM240 million for its current financial year ending May 31, 2019 (FY19), driven by sales from two ongoing developments the company has in Selangor and Perak.

The two developments are Phase 1 of Ampang Ukay, known as Liberty @ Ampang Ukay, and Kondominium Kelab Golf — formerly known as Upper East @ Tiger Lane — in Ipoh, Perak.

Speaking to reporters at a media briefing today, EcoFirst's group chief executive officer Datuk Tiong Kwing Hee said the group has achieved RM158 million sales from Liberty @ Ampang Ukay in FY18.

As at June 30, 2018, Liberty @ Ampang Ukay is about 95% sold. Hence, the property developer is confident the remaining 5% would be sold in FY19. At present, Liberty @ Ampang Ukay is about 41% complete and is on track to meet its full completion in November 2019.

Additionally, Tiong noted that EcoFirst is planning to launch its second phase of Ampang Ukay in the second half of 2019. "We are planning three blocks of larger-sized condominium units, which we think will be priced to offer excellent value to the target market," Tiong added.

EcoFirst's net profit for the fourth quarter ended May 31, 2018 (4QFY18) grew 8.65% year-on-year (y-o-y) to RM9 million, from RM8.28 million due to lower marketing cost, though revenue retreated 7.37% y-o-y to RM60.71 million from RM65.55 million.

For its full year ended May 31, 2018 (FY18), EcoFirst's net profit soared 176.46% y-o-y to RM44.6 million from RM16.13 million, as revenue jumped 42.47% to RM181.23 million from RM127.21 million.

At 4.32pm, shares of EcoFirst were up half a sen or 1.64% to 31 sen for market capitalisation of RM240.95 million.