Ecobuilt Holdings Bhd has announced the resignation of its Chief Executive Officer, Lim Chin Yen, after just four and a half months in the role. The construction group confirmed the departure in a filing with Bursa Malaysia, citing Lim’s intention to dedicate more time to family and personal interests.
Lim, 48, officially stepped down on 20 June. He is succeeded by Fong Tuck Yong, 52, who brings over three decades of experience in managing and delivering construction projects.
The leadership change comes as Ecobuilt continues to grapple with persistent financial losses. For the financial year ended 31 August 2024 (FY2024), the group reported a loss after tax of RM44.5 million. This compares to losses of RM31.1 million in FY2023 and RM13.6 million in FY2022. The latest annual result reflects a 15-month financial period, following a change in the company’s financial year-end from 31 May to 31 August.
For its most recent quarter, the group remained in the red, posting a net loss of RM584,000 for the second quarter ended 28 February 2025 (2QFY2025), on revenue of RM15.48 million. Due to the adjusted financial year, no year-on-year comparative figure was provided. Ecobuilt stated that gross profit from ongoing projects was insufficient to cover operating expenses, which were primarily driven by depreciation and staff-related costs.
Shares in Ecobuilt closed at three sen on Friday, up half a sen or 20%, giving the group a market capitalisation of RM13 million. Despite the short-term uptick, the stock has declined 54% over the past 12 months.
-The Edge
