Eco World development group’s Q3 net profit surges 82pc

KUALA LUMPUR, Sept 19 — Eco World Development Group Bhd (EcoWorld Malaysia)’s net profit surged 82 per cent to RM50.48 million in the third quarter ended July 31, 2019 (Q3 2019), from the RM27.80 million chalked up in the same period last year.

Revenue jumped to RM521.37 million from RM454.65 million previously, the group said in a filing with Bursa Malaysia today.

The group’s share of the results of its Malaysian joint-ventures increased by 39 per cent in Q3 2019 compared to Q3 2018.

“The increase is the result of greater progress of works achieved by Eco Grandeur, Eco Business Park V, Eco Horizon, Eco Ardence and Bukit Bintang City Centre (BBCC) projects,” it said.

Meanwhile, its international joint-venture, Eco World International Bhd, increased by about 4.5 times in Q3 2019 compared to Q3 2018.

“This was mainly due to the completion and handover of units to customers by EcoWorld Ballymore and the commencement of revenue and profit recognition from EcoWorld London’s Built-to-Rent development,” it added.

The group said its new launches are slated to be progressively unveiled to the market over the next few months as the group presses on to achieve the two-year RM6 billion sales target set for financial year ending October 31, 2019 (FY2019) and FY2020. — Bernama

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