ECOFIRST FIRST HALF REVENUE UP 20 PERCENT, AND 14 PERCENT RISE IN CORE OPERATING INCOME
Aims to Expand its Property Development Projects
KUALA LUMPUR, 25 January 2019: PROPERTY group EcoFirst Consolidated Bhd (EcoFirst) posted a 20 percent jump in revenue to RM102 million for the first half ended 30 Nov 2018, reflecting progress at its RM606.8 million Liberty project at Ampang Ukay which also boosted its core operating income.
It recorded a lower first half profit after tax of RM8.7 million, against RM35.3 million for the first half of 2017 which included RM28.4 million of gains from the compulsory acquisition of land for the Sg Besi Ulu Kelang Elevated (SUKE) Expressway.
Excluding gain from the compulsory acquisition, EcoFirst posted a 14 percent rise in core operating income to RM14.5 million, against RM12.7 million in the first half of 2017.
“The increase in our core operating income reflects our improving ability to generate organic growth,” said Dato’ Tiong Kwing Hee, EcoFirst Group Chief Executive Officer. “Liberty is progressing well according to schedule and we’re on track to meet its full completion in November 2019.”
Meanwhile, EcoFirst is broadening its development activities beyond Ampang Ukay, with a joint venture with the Penang-based Lone Pine group which developed the award-winning One Tanjong luxury seafront condominium in Tanjung Bungah.
EcoFirst in December 2018 proposed to acquire a 70 percent stake in the Lone Pine group’s Geo Valley Sdn Bhd, which is developing a RM1.25 billion GDV mixed residential and commercial project in Paya Terubong.
“While Ampang Ukay will remain the prime mover in EcoFirst’s growth over the long term, our strategy is to partner reputable and well-known brands such as the Lone Pine group for more impact over the short and medium term,” said Tiong. “We are assessing a number of other projects in the Klang Valley that will boost EcoFirst’s bottom-line in the next two to three years. We will make the necessary announcement once the deals are concluded in accordance to the Bursa listing guidelines.”
For the second quarter, EcoFirst posted a 42 percent rise in revenue to RM57.2 million, from RM40.4 million before. Its profit after tax fell to RM4.1 million the three months ended 30 Nov 2018, from RM29.6 million before which included the gains from the SUKE compulsory acquisition.
About EcoFirst Consolidated Bhd
Established in 1973, EcoFirst Consolidated Bhd is a public listed company with core businesses in property development, property investment holding and property management. Steadfast in delivering its projects, EcoFirst revived and completed its 1Segamat Mall, the first and only commercial complex in Segamat. Its South City Plaza in Sri Kembangan is now home to Malaysia largest digital devices accessories outlet and china products centre whilst transforming into an edu-mall completed with student-housing apartment, The Academia. It has also developed Kondominium Kelab Golf previously known as Upper East @ Tiger Lane, a luxury condominium project in Ipoh, Perak and has acquired a substantial land bank in the Klang Valley. For more information, please visit http://www.ecofirst.com.my/
About Ampang Ukay Development
A metropolitan under construction, Ampang Ukay is envisioned to be the little Hong Kong of Kuala Lumpur, offering retail convenience, quality amenities, pedestrian and bicycle-friendly environments, vibrant nightlife, and a strong neighbourhood character. The township borders Ampang, a prime district within Kuala Lumpur and its bustling neighbourhood, Ulu Klang. Conveniently located only 7 minutes away from Kuala Lumpur City Centre and 12 minutes to major areas such as Hartamas, Damansara and major highways, Ampang Ukay offers multiple access points and endless connectivity to its residents. This massive undertaking is intended to make available a series of successive developments bringing superior quality residential and commercial offerings that will transform Ampang Ukay towards a new-age dimension; at the best value in this prestigious part of town. For more information, please visit http://ampangukay.com.my/ampang-ukay-ukay/
About LIBERTY@Ampang Ukay
The first residential development within Ampang Ukay, Liberty will offer designer suites at unbelievable price-to-value ratio to those who thrive on the art of suite living. Liberty encompasses 3 residential towers of 1,632 fully furnished SoHo units, each measuring approximately 450sqf in size, and 32 retail units. With its compact-sized unit concept, it offers great privacy while presenting a perfect home for bachelors or single white collared workers who are busy making their fortune in the city. For more information, please visit http://ampangukay.com.my/liberty-arc-ukay/