EcoBuilt Holdings in the red with RM722k in net loss for Q2

NST Mon, Jan 30, 2023 07:26pm - 1 year View Original


KUALA LUMPUR: EcoBuilt Holdings Bhd posted a net loss of RM722,000 in its second quarter (Q2) ended November 30, 2022 (FY23), versus a net profit of RM1.43 million a year prior.

The loss was primarily due to ongoing projects' elevated construction costs and lower profit margins.

Revenue for the quarter slipped 13.1 per cent to RM41.79 million from RM48.12 million.

Meanwhile, for the cumulative period, the company recorded a net loss of RM2.92 million from a net profit of RM1.69 million in Q2 FY23.

Revenue for the period rose 31.9 per cent to RM93.31 million from RM70.81 million in the same period the year prior.

On its prospects for FY23, the company remains cautiously optimistic of the prospects given the challenges it is bound to face in the industry.

"Underpinned by several positive factors such as upliftment of Covid-19 containment measures, reopening of international borders and rebound in private sector expenditure, the overall construction industry in Malaysia is expected to rebound.

"The company remains cautiously optimistic about the prospects as we are still faced with various challenges such as acute labour shortage and construction materials price spike.

"Notwithstanding these challenges, EcoBuilt Holdings remains vigilant and will ensure that timely responses are taken to address any adverse risks," it said in its Bursa Malaysia filing.

The company will continue to leverage its core competencies, collective expertise, and the appropriate technology in an attempt to deliver quality projects to clients to preserve its shareholders' long-term values.

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