Eco World Development Group Bhd’s bullish attitude towards the market has paid off in a big way, netting a profit of RM44.58 million for its third fiscal quarter ending July 31.
This is a massive 375 per cent jump from the sum it registered in the corresponding quarter a year ago.
The total revenue for the quarter under review rose by 60.10 per cent to RM727.33mil, while for the cumulative nine-month period, Eco World achieved a nett profit of RM99.93 million on revenue of RM1.81 billion.
According to the company, current projects that contributed to its earnings include Eco Sanctuary, Eco Majestic and Eco Sky in the Klang Valley. In Iskandar Malaysia, Johor, the key contributors were Eco Botanic, Eco Spring, Eco Summer and Eco Business Park 1, Eco Tropics and Eco Business Park III. Also doing well are projects in Penang such as Eco Meadows and Eco Terraces.
The future looks promising for Eco World, because it has unbilled progress billings in excess of RM4 billion, which will continue to sustain its promising earnings going forward.
As at Aug 3 this year, the company’s sales amounted to RM2.20 billion for the financial year ending Oct 31, 2016.
Eco World chief executive officer Datuk Chang Khim Wah said the company foresees that sales will pick up more pace in the fourth quarter, following the launch of new projects last month.
These include Eco Grandeur and Eco Ardence in the Klang Valley, Eco Bloom @ Eco Meadows in Penang and Eco Business Park II in Iskandar Malaysia.
Chang also revealed that strata offices and serviced apartments at the much-awaited Bukit Bintang City Centre (BBCC)’s would be launched before the end of the financial year.