EcoWorld 1Q18 profit falls 79% to RM24m

By IZZAT RATNA / Graphic By TMR

Eco World Development Group Bhd’s (EcoWorld) net profit plunged 79% to RM24 million in the first quarter ended Jan 31, 2018 (1Q18), compared to RM116 million a year ago, in tandem with a 4.9% fall in revenue to RM563.59 million compared to RM592.7 million previously.

The lower earnings contribution was mainly attributable to the large number (close to 4,000 units) of completed properties progressively handed over at Eco Sky, Eco Majestic, Eco Botanic, Eco Spring, Eco Summer and Eco Tropics beginning from 2Q17 to 4Q17.

The company achieved sales of RM500 million in 1Q18, which increased to RM602 million as at Feb 28, 2018, on its Malaysian projects.

Looking ahead, EcoWorld is expected to complete another 4,700 properties this year on the back of approximately RM3.5 billion sales target from its domestic projects.