RTS and the River of Life project in 3 financial reports
Ekovest Project Detailed Report: RTS and the River of Life
[RTS Project]
Total contract amount - MYR 3.482 billion
**Payment received**
- Q1 FY2024 (July 1, 2023 - September 30, 2023): MYR 165,259,000
- Q2 FY2024 (October 1, 2023 - December 31, 2023): MYR 184,929,000
- Q3 FY2024 (January 1, 2024 - March 31, 2024): MYR 138,409,000
**No payments received**
- Total contract amount - Total amount received = 3.482 billion MYR - 488,597,000 = MYR 2.993403 billion
[River of Life Project]
Total contract amount** - MYR 0.22 billion
**Payment received**
- Q1 FY2024 (July 1, 2023 - September 30, 2023): MYR 76,611,000
- Q2 FY2024 (October 1, 2023 - December 31, 2023): MYR 76,933,000
- Q3 FY2024 (January 1, 2024 - March 31, 2024): MYR 67,561,000
**No payments received**
- Total contract amount - Total amount received = 0.22 billion MYR - 221,105,000 = MYR 0 (all received)
[Total Interest Expenses]
**Total Interest Expense Time Breakdown**
- Q1 FY2024 (July 1, 2023 - September 30, 2023): MYR 59,125,000
- Q2 FY2024 (October 1, 2023 - December 31, 2023): MYR 96,345,000
- Q3 FY2024 (January 1, 2024 - March 31, 2024): MYR 112,090,000
Sources of interest expenses Interest expenses mainly come from the following aspects:
1. **Bank Borrows**
2. **Medium-term note**
3. **Repurchase Credit Financing**
### Summary ###
The RTS project and the River of Life project are Ecovest's two major engineering projects.
The total contract amount for the RTS project is MYR 3.482 billion, the amount received is MYR 488,597,000, and the amount not received is MYR 2.993403 billion.
The total contract amount for the River of Life project is MYR 0.22 billion, and the amount received is MYR 221,105,000, all of which have been received.
The company's continued investment in these two projects resulted in total interest expenses of MYR 220,681,000 for the three quarters, mainly from bank loans, medium-term notes, and repurchase credit financing.
According to the latest audit report, the cost of the RTS project has increased to MYR5.245 billion due to the expansion of the scope of maintenance work and additional contracts [ekovest-MRCB JV gets River of Life project | EdgeProp.my] (https://www.edgeprop.my/content/ekovest-mrcb-jv-gets-river-life-project). This is consistent with the information in the financial report and shows the progress of the project and related expenses.
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