KUALA LUMPUR, Dec 12 ― Eco World Development Group Bhd (EcoWorld) shares surged over six per cent and topped the most active counter list today on news of strong earnings for the financial year ended October 31, 2019 (FY19).
As of mid-day, its shares stood at 0.795 sen, up 5 sen or 6.71 per cent, with 83.11 million units changing hands, after hitting an intraday high of 83 sen earlier.
The property developer today reported a 218 per cent surge in net profit to RM203.42 million in FY19 while revenue increased to RM2.46 billion from RM1.98 billion in the preceding year.
The better top-line performance was attributed to its main projects, namely Eco Majestic, Eco Forest, Eco Sanctuary and Eco Sky in the Klang Valley; Eco Botanic, Eco Spring, Eco Summer, Eco Business Park I, Eco Business Park II, Eco Tropics and Eco Business Park III in Iskandar Malaysia; and Eco Meadows in Penang.
In contrast, shares of Eco World International Bhd were traded 5.5 sen lower at 98.5 sen, with accumulated volume amounting to 7.63 million shares, after peaking at RM1.06 earlier.
The 27 per cent-owned international arm of EcoWorld returned to the black in FY19 with a net profit of RM187.0 million against a loss of RM11.23 million in 2018. ― Bernama
