Ekovest 3Q net profit largely flat on one-off expense
 

http://img-s-msn-com.akamaized.net/t...6&q=60&o=f&l=fKUALA LUMPUR: Ekovest Bhd?s third-quarter net profit was largely flat at RM11.06 million from RM11.08 million a year ago, mainly due to a one-off expense of RM22.62 million on recognition of fair value adjustment pursuant to the granting of the employees? share option scheme. Lower contribution from the preliminary and enabling work for the Setiawangsa-Pantai Expressway (SPE) also resulted in lower profit in the third financial quarter ended March 31, 2017 (3QFY17). Earnings per share remained unchanged at 0.52 sen. Quarterly revenue rose 57.9% to RM291.75 million from RM184.77 million, mainly due to the commencement of preliminary and construction work for SPE. For the cumulative nine months ended March 31, 2017 (9MFY17), the group?s net profit increased 4.5 times to RM92.19 million from RM20.27 million in 9MFY16. Revenue rose 53.3% to RM770.26 million from RM502.51 million a year ago. In a statement yesterday, Ekovest managing director Datuk Seri Lim Keng Cheng said it expects the ongoing construction of the Duta-Ulu Klang Expressway Phase 2 and SPE, toll revenue and recognition of unbilled sales from property development activities to contribute positively to the group?s tur**ver and profitability in the current financial year ending June 30, 2017 (FY17). The board is confident that the group?s performance would be much better in FY17 through the progress recognition of existing projects, he added.

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