ECM Libra 1Q profit falls 51% to RM3m

by **Cals** Tue 18 Jun 2013, 22:42

Business & Markets 2013

Written by Zatil Husna of theedgemalaysia.com

Tuesday, 18 June 2013 19:36

KUALA LUMPUR (June 18): ECM Libra Financial Group Bhd recorded a 51% fall in net profit in its first quarter ended April 30, 2013 (1QFY14) from a year earlier.

This came on the absence of income from ECM Libra Investment Bank Bhd which was sold to Kenanga Investment Bank Bhd, ECM Libra Financial told the exchange today.

ECM Libra Financial said it recorded a net profit of RM2.94 million in 1QFY14 compared to RM6.03 million previously.

"During the previous financial year, the company disposed of the entire equity interest in ECM Libra Investment and its subsidiaries to Kenanga Investment and K & N Kenanga Holdings Bhd.

"The segmental reporting for the comparative period included the investment banking business of the group, reported under discontinued Operations," ECM Libra Financial said.

During 1QFY14, ECM Libra Financial's revenue stood at RM7.4 million, down from RM45.77 million.

The financial services firm said it had insignificant revenue from its remaining businesses since a major portion was under the disposed investment banking unit.

"In this regard, the revenue from the remaining businesses represents less than 5% of its time-weighted average capital in issue," ECM Libra Financial said.

"The company is evaluating various options to regularise its financial condition to uplift the PN17 (Practice Note 17) status and has up to December 13, 2013 to submit its regularisation plan to the authorities for approval," it said.