KUALA LUMPUR, Jan 21 — EcoFirst Consolidated Bhd posted a higher pre-tax profit of RM12.91 million for the second quarter ended Nov 30, 2015 from RM121,000 in the same period a year ago.
Revenue jumped to RM23.63 million versus RM5.35 million, mainly derived from its Upper East@Tiger Lane project, contributing 75% of the group’s revenue.
“As expected, Upper East will be the major contributor for financial year 2016 and is currently the strength of EcoFirst, bringing in 75% of the group’s revenue.
“We foresee further significant contributions from this project in the second half of 2016 as well,” Group Chief Executive Officer and Managing Director Datuk Tiong Kwing Hee said in a statement.
He said the property development division would continue driving EcoFirst’s growth, especially with two parcels of land in Hulu Klang, which were in the final stages of being acquired, being earmarked for residential and commercial developments.