PETALING JAYA: Ecofirst Consolidated Bhd’s net profit surged by more than seven times to RM15.9mil for the fourth quarter ended May 31. 2021 (Q4’FY21) from RM2.2mil in the corresponding quarter of the preceding year on fair value gain.

The property developer said during the quarter in review, it posted a fair value gain of RM13.7mil on the investment property.

For Q4’FY21, it recorded revenue of RM14mil compared with RM24.3mil for Q4’FY20. The lower turnover was due to the postponement of new development and lower revenue from the property development segment, which continued to be negatively affected by the Covid-19 pandemic.