NEWSROOM
 
ECM Libra back in black owing to better revaluation numbers

KUALA LUMPUR: ECM Libra Financial Group reported lower year-on-year earnings for its 1QFY10 ended April 30 although the numbers were up quarter-on-quarter.

The stand-alone investment banking group registered a first-quarter net profit of RM4.94 million for financial year ended Jan 31, 2010, down 56% from RM11.22 million in the corresponding period last year. The lower profit came on the back of a lower revenue of RM23.24 million from RM25.55 million a year ago.

ECM Libra’s profit before tax (PBT) was back in the black to the tune of RM5.11 million in 1QFY10 from a pre-tax loss of RM30 million in the preceding quarter ended Jan 31, 2009.

“This is mainly due to impairment loss of RM24 million provided on investment in an associated company during the immediate preceding quarter,” the company said in the notes accompanying the announcement.

“For the current quarter, the group registered lower revaluation loss on held for trading and derivative securities of RM6.3 million and lower operating expenses of RM4.5 million (as compared to the preceding quarter).”

ECM Libra recorded a gain of RM520,000 in the revaluation of its securities held-for-trading for the current quarter under review compared with a loss of RM6.04 million in the previous quarter.

It added that it expected to show “satisfactory performance” in FY10 despite the challenging outlook.

<< back
 
 
 
Copyright 2021 ECM Libra Group Berhad (713570-K). All rights reserved | Term