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Ekovest sinks into the red with net loss of RM124.98 mln in FY2022

30/08/2022 09:03 PM

KUALA LUMPUR, Aug 30 (Bernama) -- Ekovest Bhd posted a net loss of RM124.98 million in the financial year ended June 30, 2022 (FY2022) compared with a net profit of RM43.39 million a year ago amid lesser construction activities undertaken during the year.

Revenue decreased sharply by 40.3 per cent to RM808.60 million from RM1.35 billion previously, the company said in a filing to Bursa Malaysia today.

In FY2022, the construction sector revenue declined to RM364.096 million compared with RM1.09 billion in FY2021, while gross profit decreased to RM64.83 million from RM247.84 million last year.

Other segments recorded higher revenue with the property development segment recording RM35.60 million in FY2022, toll operations (RM191.72 million), plantation (RM184.05 million) while food and beverages (RM9.5 million).

In the fourth quarter of FY2022 (Q4), Ekovest said net loss widened to RM123.81 million from RM2.66 million in the same quarter last year while revenue fell to RM224.49 million from RM377.11 million previously.

On prospects, the company said it remained optimistic in delivering positive financial results and expects the newly-secured RTS Link rail works project worth RM1.98 billion to contribute positively to the group’s future revenue and earnings starting from FY2023.

No final dividend has been declared for Q4 and FY2022.



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