KUALA LUMPUR, March 29 — Eco World Development Group Bhd’s net profit for the first quarter (Q1) of financial year ended Oct 31, 2018 fell to RM24.09 million from RM116.17 million in the preceding year’s corresponding quarter.
Revenue declined to RM563.59 million compared with RM592.71 million previously, it said in a filing with Bursa Malaysia today.
Eco World Malaysia said the lower net profit and revenue followed the handover of close to 4,000 units of properties in financial year 2017.
Additionally, Eco World recorded significantly higher net profit in the first quarter of 2017 financial year due to a gain of RM94.8 million, which arose from the application of FRS 10 — Consolidated Financial Statements to recognise the impact of the change in the group’s interest in Paragon Pinnacle from a 100 per cent subsidiary to a 60 per cent joint-venture.
Moving forward, the group said, its sizeable and increasingly matured landbank (3,288.63 hectares) in Malaysia, along with the brand’s growing presence in the United Kingdom, was expected to contribute positively to its future prospects.
In a separate filing, Eco World said, it had appointed Low Mei Ling as an Independent Director.
“Throughout her 20-year tenure in the stockbroking industry, Low was well-regarded as one of the leading pioneer analysts among institutional investors,” it said. — Bernama