KUALA LUMPUR, May 30 — Ekovest Bhd’s pre-tax profit in the third quarter ended March 31, 2017 rose to RM43.87 million from RM16.53 million in the same period in 2016.
In a filing to Bursa Malaysia today, Ekovest said revenue increased to RM291.75 million from RM184.76 million previously.
“The increase in the pre-tax profit and revenue for the reporting period was mainly due to the commencement of preliminary and construction work for the Setiawangsa-Pantai Expressway (SPE).
“Higher sales recognition for EkoCheras project coupled with advanced progress work also contributed to the higher revenue from the property development segment,” said the company.
On prospects, the company expected that ongoing construction of the Duta Ulu-Klang Expressway Phase-2 and SPE, toll revenue and the recognition of unbilled sales from the property development activities to contribute positively to the company’s turnover and profitability in the current financial year.
“Barring any unforeseen circumstances, the board is confident that the company’s performance would be much better for the financial year ending June 30, 2017 compared with the previous financial year,” it said.