KUALA LUMPUR (July 30): EcoFirst Consolidated Bhd (KL:ECOFIRST) saw its earnings fall significantly in its fourth quarter ended May 31, 2026 (4QFY2026), mainly due to lower revenue recognition from its KL48 property development project.

Net profit for the three-month period fell to RM485,000 from RM14.24 million a year earlier, according to the property group's Bursa Malaysia filing on Thursday

Revenue for the quarter tumbled 74.4% year-on-year to RM40.8 million from RM159.39 million, as work progress on the remaining phases of the KL48 condominium project in Sungai Besi slowed down towards completion.

The group did not declare any dividend for the quarter under review.

For the full year, EcoFirst’s net profit declined 35.1% to RM16.16 million from RM24.89 million in the previous year, while revenue decreased 31.5% to RM310.72 million from RM453.91 million.

The group has announced a change in its financial year-end from May 31 to Nov 30. As a result, its upcoming audited financial statements will cover an 18-month period from June 1, 2025 to Nov 30, 2026.

Moving forward, EcoFirst expressed confidence in its future expansion pipeline, including the planned launch of its mixed development project Ellington @ Jade Hills in Kajang, with an estimated gross development value of RM400 million.

EcoFirst's share price closed a sen or 2.94% higher at 35 sen on Thursday, giving the group market capitalisation of RM422.78 million.