Eco World Q1 earnings surge sixfold

PETALING JAYA: Eco World Development Group Bhd first quarter net profit was up more than sixfold to RM20.67 million, underpinned by RM410.7 million in sales during the period.
During the three months ended Jan 31 2016, the group revenue increased almost three fold to RM463.51 million. Its also posted a gross profit of RM109.7 million with gross margins averaging 24%.
Ongoing projects which contributed to the revenue and gross profit achieved include Eco Majestic and Eco Sky in the Klang Valley, Eco Botanic, Eco Spring, Eco Summer and Eco Business Park I, Eco Tropics and Eco Business Park III in Iskandar Malaysia and Eco Terraces in Penang Island.

In a statement yesterday, the property developer said up to Feb 29 2016, group sales amounted to RM607.8 million.
Eco World said RM344.6 million from the sales came from projects in the Klang Valley, RM233.1 million came from projects in Iskandar Malaysia and the remaining RM30.1 million was contributed by projects in Penang.
President and CEO Datuk Chang Khim Wah said the sustained sales momentum is an encouraging sign that the group’s projects continue to be sought-after by customers.
Moving forward, Chang said, the group’s sales in FY2016 will be underpinned by the launch of new phases and introduction of new products within its on-going projects.
In the upcoming quarter the group targets to launch the Bukit Bintang City Centre.