Ecofirst Consolidated Bhd is engaged in investment holding and provision of management services. The Company operates in four segments: construction, property investment/management/development, network marketing, and investment and others. Its properties under the property division include the five-storey commercial and retail complex in Seri Kembangan, Selangor, known as South City Plaza, which houses established vocational and technical education providers. The second property is a five-storey commercial and retail complex in Segamat, Johor known as 1Segamat. In network marketing division other product offers a range from health to beauty care, personal to home care, bodywear to jewelry and water equipment to car care. Its commercial development project in Mukim of Hulu Kinta, Ipoh, Perak consists of two and three storey shopoffices and is known as Taipan @ Ipoh Cybercentre.
JN88Review of Performance: Overall, the Group‟s profit before tax stood at RM33.7 million on the back of a RM24.4 million revenue for the financial year ended 31 May 2014 as compared to RM26.7 million and RM76.4 million in the preceding year. Profit before tax showed an improvement of 26% although revenue dropped by 68%.
Next Financial Year’s Prospects: On 21 May 2014, the Group through its wholly-owned subsidiary, Curah Bahagia Sdn Bhd (“CBSB”), acquired a piece of prime vacant freehold land measuring approximately 7.6 acres situated at Jalan Kelab Golf, Ipoh, Perak. The development known as “Upper East” will consist of five blocks of high end 12-storey condominiums comprising 529 units with a projected gross development value of RM302 million and projected profit before interest and tax of RM82 million. The development is expected to be launched in September 2014 and completed within three years. The Group‟s other acquisition of 61.58 acres of prime land in Ulu Kelang, Selangor was approved by shareholders at the Extraordinary General Meeting (“EGM”) held on 20 June 2014. Application for development order is expected to be submitted within the next two months.
JN88The Group‟s revenue for the current quarter at RM6.4 million was 43% lower than the preceding year corresponding quarter of RM11.2 million mainly due to the substantial completion of the commercial development project in Ipoh, Perak in the preceding period. The Group's loss before tax for the current quarter was at RM3.0 million as compared to profit before tax of RM12.0 million in the preceding year corresponding quarter primarily due to fair value accretion of investment properties owned by its wholly-owned subsidiary, Tashima Development Sdn Bhd, recognised in the preceding period.