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NewsEcofirst 3Q profit soars 411% on term-loan interest waiver
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Ecofirst 3Q profit soars 411% on term-loan interest waiver
by Cals Thu 01 May 2014, 01:46
| Ecofirst 3Q profit soars 411% on term-loan interest waiver |
| Business & Markets 2014 |
| Written by Chong Jin Hun of theedgemalaysia.com |
| Wednesday, 30 April 2014 13:32 KUALA LUMPUR (Apr 30): Ecofirst Consolidated Bhd's net profit soared 411% to RM9.2 million in the third quarter ended February 28 from RM1.8 million a year earlier, mainly on the property developer's term-loan interest waiver. In a statement to the exchange today, Ecofirst said revenue fell to RM5.1 million from RM16.2 million. "The group's profit before tax for the current quarter was higher at RM11.4 million as compared to RM2.2 million in the preceding year corresponding quarter, primarily due to the waiver of interest amounting to RM13.3 million pursuant to a debt-repayment agreement entered into in 2011 between the company and its financier," Ecofirst said. The company said revenue fell "mainly due to the substantial completion of its commercial development project in Ipoh, Perak. Cumulative nine-month net profit rose to RM34 million from RM11.3 million a year earlier. Revenue was lower at RM18.1 million versus RM65.1 million. Looking ahead, Ecofirst said rental income from its retail malls in Seri Kembangan, Selangor and Segamat, Johor, would form a substantial recurring income source for the group. |
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