KUALA LUMPUR (Aug 27): Ekovest Bhd suffered a loss for the fourth quarter ended June 30, 2020 (4QFY20), as the Covid-19 pandemic and resulting movement control order (MCO) measures took a heavy toll on its profitability.  

The property and construction group recorded a net loss of RM53.82 million for the quarter, compared with a net profit of RM8.43 million for the preceding quarter (3QFY20) and a net profit of RM23.29 million a year earlier (4QFY19), according to Ekovest’s filing with Bursa Malaysia. 

Revenue stood at RM192.30 million, down 44.24% from RM344.88 million for 3QFY20 and lower by 43.19% from RM338.50 million for 4QFY19. 

The group declared a first and final dividend of 0.5 sen per share, compared with one sen last year. 

Ekovest said its construction operations segment’s revenue fell 35.47% to RM168.22 million from RM260.67 million a year ago, due to the slowdown in construction work following the pandemic-induced disruption.  

The property development segment, meanwhile, saw its revenue tumble 89.44% to RM2.94 million from RM27.85 million a year ago. Ekovest said the Covid-19 and lockdown restrictions had dampened property sales. In contrast, the group had completed and handed over three blocks of service apartments in EkoCheras last year. 

Ekovest’s toll operations were also hit by the MCO measures as it recorded lower traffic volume. The segment’s revenue more than halved to RM20.82 million from RM45.07 million in 4QFY19. 

The group’s investment holding and others segment also saw a sharp revenue fall by 93.62% to RM313,000, from RM4.91 million a year earlier, due to decrease in revenue in its EkoCheras Shopping Mall, as well as its food and beverage activities. 

The group explained that rental rebates were given in conjunction with the implementation of MCO for the tenants of EkoCheras Mall. 

For the full financial year ended June 30, Ekovest reported a net profit of RM46.97 million, down 66.56% versus RM140.48 million a year ago. Revenue dipped 5.01% to RM1.27 billion from RM1.34 billion. 

Ekovest’s share price closed up 1.5 sen or 3.06% at 50.5 sen today, valuing the group at RM1.34 billion. Some 18.79 million shares were transacted. Year-to-date, the stock has fallen by 36% from 79 sen at the end of last year.  

Edited by S Kanagaraju