KUALA LUMPUR: Ekovest Bhd’s net profit dropped 33.9 per cent to RM29.03 million for the second quarter financial ended December 31, 2019 from RM43.91 million net profit previously.
The lower profit was offset by completion of certain construction works with a better profit margin, Ekovest said in its filing to Bursa Malaysia today.
Group revenue for the quarter rose 6.4 per cent to RM384.31 million from RM361.18 million previously, mainly due to higher construction work done recognised for the Duke Phase 3 project.
For the first half of 2020, the group’s net profit increased 5.2 per cent to RM92.35 million from RM87.78 million a year ago, while revenue up 9.8 per cent to RM731.12 million in the same period, from RM666.07 million previously.
Ekovest said its performance would remain satisfactory for the current year ending June 30, 2020.
It expects the ongoing construction of the Setiawangsa-Pantai Expressway, River of Life beautification packages, as well as toll revenue and sales of completed properties units, to contribute to its turnover and profitability in financial year 2020.
"The group is working closely with the government on various infrastructure projects which have been proposed to the government.
“In addition, the group is working together with local partners in Sabah and Sarawak to tender and secure construction contracts directly from the government. Ekovest is hopeful of securing some of these projects," it added.