It posts 249% higher net profit to RM46m

PETALING JAYA: ECM Libra Financial Group Bhd posted a net profit of RM45.8mil for the fourth quarter ended Jan 31, 2011 which was 249.2% higher than the RM13.1mil achieved in the same period last year.

ECM attributed the improvement to higher net brokerage income and net gain from investment and trading securities.

Its revenue for the quarter under review stood at RM105.8mil - a 126.2% increase from RM46.8mil in the same period previously.

The directors have recommended a final dividend of 4.25 sen for the financial year ended Jan 31, 2011.

In a filing with Bursa Malaysia, ECM said it recorded a profit before tax of RM60.3mil for the current quarter.

This is mainly contributed by net brokerage income of RM14.6mil. It also recorded fee income of RM6.7mil, net gain from trading and investment securities of RM67.2mil as well as net interest income of RM7.8mil.

It said its pre-tax profit was also partially offset by operating expenses of RM37.6mil and impairment allowance of RM2.1mil made on loans, advance and financing.

The group's net profit for the whole year jumped 59.8% from RM40.8mil previously to RM65.2mil.

Its revenue was RM214.6mil compared with RM134mil recorded in the same period previously.

Commenting on the group's prospects, ECM said: “The group's fundamentals and financial position remain strong and is expected to show satisfactory performance in the coming financial year.”

ECM had been a potential acquisition target over the last few years. Its major shareholders are veteran banker Tan Sri Azman Hashim, Lim Kian Onn and Datuk Seri Kalimullah Masheerul Hassan.