Friday 29 Mar 2024
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KUALA LUMPUR (March 29): Eco World International Bhd (EWI) incurred a bigger net loss of RM16.21 million for the first financial quarter ended Jan 31, 2018 (1QFY18) compared with RM6.06 million a year ago, due to lower unrealised foreign exchange gains compared with the previous corresponding quarter.

Quarterly revenue shrank 94.5% to RM18,000 from RM327,000 in the previous corresponding quarter as revenue for its property developments will only be recognised upon completion and delivery in the third to fourth quarter of this year, the group said in a statement today.

During the first four months of FY18, EWI secured RM243 million sales, with the bulk of sales coming from its projects in London.

“Whilst market conditions for prime London properties remain soft, demand at the mid-mainstream segment continues to be robust,” EWI said in the filing.

The group’s effective unbilled sales stand at RM5.89 billion effective Feb 28, 2018, of which a significant portion will be converted into revenue following the upcoming handovers of London City Island and Embassy Gardens

“[This] will allow the group to recognise its maiden profit in the current financial year,” EWI said.

According to the group’s president and chief executive officer Teow Leong Seng, EWI has raised its sales target for FY18 to RM3 billion from RM2 billion previously.

EWI’s share price gained three sen or 3% at RM1.03 today, giving the group a market capitalisation of RM2.47 billion.

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