Friday, December 21, 2007

Update on EcoFirst

Here is an update to the blog posting, EcoFirst (Kumpulan Emas). Ecofirst announced its earnings on Wednesday. Quarterly rpt on consolidated results for the financial period ended 31/10/2007

It posted a lost of 2.4 million for the quarter.

Now if you refer to the posting
EcoFirst (Kumpulan Emas), this means that this is the 8th consecutive quarterly earnings of losses posted by EcoFirst!

Now I noted that the Edge had an article on EcoFirst.

  • 21-12-2007: Ecofirst expects more aggressive construction unit

    PETALING JAYA: Ecofirst Consolidated Bhd is expecting its construction division to move forward more aggressively next year, said its group managing director Datuk Clement Hii Chii Kok.

    He said the company was in the final stage of negotiations for a few key projects locally amounting to about RM250 million.

    “We are now focused on turning our new and existing businesses into profit generating divisions,” he said, adding that it had been less than two years since a change in the management of the company.

    It is currently constructing the Casa Subang Service Apartments in Subang Jaya comprising two blocks of 25-storey apartments.

    Speaking to The Edge Financial Daily last Wednesday, Hii said its key asset was the South City Plaza in Seri Kembangan and was looking to revamp the tenant mix and giving the property a facelift by next month.

    Its other main activities are in property development, food services and multi-level marketing. The property and construction division currently contributes 60% to the group’s turnover.

    Its subsidiary EcoFirst Hartz Sdn Bhd has a flagship Hartz restaurant in Subang Jaya, Selangor. It has a 15-year area trademark licence agreement (West Malaysia) signed in Sept 2006 with Hartz Chicken (Malaysia) Sdn Bhd, the licensee of all Malaysia and Brunei rights to the marks of “Hartz Chicken Buffet.”

    Hii said EcoFirst, as the area sub-licensee, was looking at opening four new restaurants within a year. The ultimate licensor is Texas-based Hartz Chicken Inc. EcoFirst can sub-license Hartz Chicken Buffet restaurants to other third party.

    Ecofirst has also entered into a joint venture with the Johor state government to develop a 1,000-acre biotechnology driven agricultural farm in Desaru, Johor, to set up and run greenhouses and open crop farms. It is currently in the first of three phases.

    The JV is part of the group’s expansion into more areas of agro-biotechnology, specifically organic farming using high end and environmentally friendly technology.