KUALA LUMPUR (July 29): Property developer EcoFirst Consolidated Bhd (KL:ECOFIRS) said on Monday its net profit for the fourth quarter more than doubled from a year earlier thanks to higher sales conversion rate for the KL-48 project.

Net profit for the three months ended May 31, 2024 (4QFY2024) was RM41.51 million compared with the RM17 million reported over the same period a year ago, EcoFirst said in an exchange filing. Revenue for the quarter jumped nearly five times year-on-year to RM87.86 million from RM17.84 million.

Sales conversion rate of the KL-48 project in Chan Sow Lin, Kuala Lumpur achieved over 80%, and the site work progress reached over 22% as of May 31, Ecofirst said.

“The group is focusing efforts to increase its KL-48 property sales and will continue scouting for development ready land to further enhance the future performance of the group,” it said.

With an estimated gross development value of about RM1 billion from the KL-48 project, EcoFirst said it is optimistic on the prospects of the development given its strategic location, attractive pricing with good products and features.

In addition, the group said it is exploring other business opportunities including forging joint ventures with landowners for property development or contemplating the rejuvenation of abandoned projects.

For the full financial year, EcoFirst’s net profit declined by 12% to RM12.64 million from RM14.37 million in the previous year mainly due to a provision made for writedown of an asset worth RM15.18 million due to “unfavourable” market conditions coupled with higher administrative expense.

Revenue for FY2024, however, leapt 427% to RM165.79 million from RM31.46 million mainly due to additional contribution of the work done on the KL-48 project.