Eco World Development Group Bhd records higher pre-tax profit and revenue in first quarter

Eco World Development Group Bhd records higher pre-tax profit and revenue in first quarter

KUALA LUMPUR, March 24 — Eco World Development Group Bhd’s pre-tax profit jumped to RM31.16 million in its first quarter ended Jan 31, 2016 from RM5.64 million chalked up in the same period last year.

Revenue soared to RM463.51 million against RM158.03 million recorded in the same period last year while earnings per share rose to 0.87 sen from 0.60 sen, previously.

“Ongoing projects which contributed to the revenue and gross profit achieved include Eco Majestic and Eco Sky in the Klang Valley as well as Eco Botanic, Eco Spring, Eco Summer and Eco Business Park 1 in Penang Island,” it said in a filing to Bursa Malaysia today.

The property developer had achieved a lower sales of RM410.7 million in the first quarter compared with RM439.9 million achieved in the same quarter last year.

Overall, the group’s year-to-date sales, as of Feb 29, 2016, amounted to RM607.8 million, which was broadly in line with the sales achieved in the first four months of the 2015 financial year amounting to RM621.1 million.

Of the total sales, RM344.6 million came from projects in the Klang Valley, RM233.1 million from Iskandar Malaysia and the remaining RM30.1 million was contributed by projects in Penang.

“The sustained sales momentum is an encouraging sign that the group’s projects continue to be sought after by customers,” said Eco World.

In the current financial year, the group said its sales would be underpinned by the launch of new phases and introduction of new products within its on-going projects.

— BERNAMA

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