KUALA LUMPUR (May 12): Ecofirst Consolidated Bhd’s net profit fell 20.1% to RM5.4 million for the third quarter ended Feb 29, 2020 (Q3 2020) from RM6.7 million in the same period last year.

In a filing with Bursa Malaysia today, the property developer said its revenue declined 24.7% to RM43.3 million from RM57.5 million previously, as Phase 1 of its Ampang Ukay flagship development — Liberty @ Ampang Ukay (with a gross development value of RM606.8 million) — reached the tail-end of construction progress.

For the nine-month period ended Feb 29, 2020 (9M 2020), Ecofirst said its revenue dipped 21.2% to RM125.7 million compared with RM159.5 million in the same period last year, due to lower property sales.

The company’s net profit also dropped 3.1% to RM15.0 million in 9M 2020, from RM15.5 million previously.

In a separate statement, the company said the development of Liberty @ Ampang Ukay was completed on Jan 10, 2020, and recorded a take-up rate of 99% as at May 6, 2020.

Group chief executive officer Datuk Tiong Kwing Hee said the strong take-up rate highlighted the robust demand for homes that combine affordability and premium designs in strategic locations. 

“Being the first of our RM5 billion Ampang Ukay development, the success of Liberty @ Ampang Ukay points towards a promising future for the group, as we target further launches, going forward,” he said.

Tiong said the group is in the midst of receiving approvals from authorities for the Ampang Ukay masterplan which will provide the group with a clear 12-year development plan.

“Concurrently, we are also identifying pockets of land which we aim to quickly turnaround and boost our earnings sustainability,” he said.

Ecofirst’s share price closed one sen lower at 34 sen today, with 283,000 shares transacted.