KUALA LUMPUR (Nov 30): Ekovest Bhd reported a net loss of RM6.11 million for its first quarter ended Sept 30, 2021, compared with a net profit of RM10.86 million a year earlier, amid a decline across all of its businesses except for its plantation segment led by newly acquired PLS Plantation Bhd.
A net loss per share of 0.23 sen was recorded compared to an earnings per share of 0.4 sen, its bourse filing showed.
Quarterly revenue fell 42.68% to RM179.86 million from RM313.77 million a year prior, with the group's construction operations contributing RM95.99 million, down 62.52% year on year.
This was followed by toll operations (down 51.05% to RM21.4 million), food and beverages (down 43.35% to RM933,000), property development (down 9.94% to RM4.91 million), and property investment and others (down 1.42% to RM6.79 million).
Meanwhile, the plantation segment contributed a maiden quarterly revenue of RM49.85 million.
When compared to its immediate preceding quarter, the group’s net loss widened 129.9% from RM2.66 million, while revenue shrank 52.19% from RM376.19 million.
This, the group said, is mainly due to the effects of the total lockdown implemented by the government which decreased the progress of the construction work and also the traffic volume.
However, the plantation division has contributed a higher revenue from its oil palm plantation with the increase in the average selling price realised for fresh fruit bunches (FFB) in July to September, and higher sales from the durian plantation during this harvesting season.
Ekovest said its acquisition of PLS Plantation is part of its strategy to transform the group into a larger listed conglomerate with a portfolio of diversified businesses while reducing its dependency and reliance on its existing construction, property development and toll operation businesses.
The PLS Plantation acquisition has enabled Ekovest to manage and operate oil palm and forest plantations as well as in durian plantation, production, distribution and related businesses, it said.
Shares of Ekovest closed one sen or 2.63% higher at 39 sen, giving the construction conglomerate a market capitalisation of RM1.05 billion.