KUALA LUMPUR (Feb 17): Ekovest Bhd posted net profit of RM3.2 million for its second financial quarter ended Dec 31, 2014, a 46.3% drop from RM5.96 million in the previous year’s same quarter, due to higher tax expenses.

However, its profit before tax increased to RM4.52 million, from RM3.21 million in the year before; while revenue for the quarter soared 76% year-on-year (y-o-y) to RM104.9 million, from RM59.5 million.

“The increase in profit before tax for the reporting quarter was mainly due to higher revenue contribution from the construction segment,” said Ekovest (fundamental: 0.9; valuation: 2.4) in a filing.

For the six months to Dec 31, net profit fell 29% to RM4.65 million, from RM6.58 million in the year before; while cumulative revenue spiked 62% to RM193.75 million, from RM119.52 million.

Going forward, the group expects its performance to remain “satisfactory” in the coming financial year.

“The board expects the construction of the RM1.18 billion DUKE Phase-II to contribute to the group's construction turnover and profitability.

“The commencement of property development activities in the current financial year also expected to increase the group’s turnover and profitability,” it said.

Ekovest closed 1 sen or 0.9% lower at RM1.14, bringing it to a market capitalisation of RM983.8 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)