KUALA LUMPUR (Sept 14): Eco World International Bhd's (EWI) net loss narrowed to RM24.2 million in the third quarter ended July 31, 2017 (3QFY17) from RM46.4 million in the previous corresponding period, thanks to stronger British pound.

Loss per share came in at 1.01 sen per share in 3QFY17 compared to 18.82 sen per share last year. Quarterly revenue came in at RM97,000 versus RM288,000 in 3QFY16, according to a filing with Bursa Malaysia.

"Revenue and profits associated with the group's property development activities will be recognised by its subsidiary and joint venture when the construction of the relevant units are completed and delivered in the first half of 2018," EWI said.

The group, which was listed on April 3 this year, recorded a net loss of RM55.1 million in the cumulative nine-month period ended July 31, 2017 (9MFY17), which is 66.6% lower than RM165 million in the prior year.

Revenue slipped 7.8% to RM461,000 in 9MFY17 from RM500,000 a year ago.

The group said for the remaining two months in the financial year ending Oct 31, 2017 (FY17), it would work towards achieving its sales target of RM2.5 billion. On the development front, EWI's three London projects have seen satisfactory construction progress and are on track to achieve its maiden handover by FY18. In Sydney, the main construction package for West Village is expected to start in the fourth quarter of FY17.

Going forward, EWI believes that there are recovery signs in demand for new home sales and office space despite uncertainties surrounding Brexit.

EWI will continue to look for well-located development sites in London and Australia.

"This is in line with its corporate objective of building up a well-diversified property portfolio with a good spread of projects at various stages of development and price points to ensure both business sustainability and broad market appeal," it said.

Its share price rose one sen to close at RM1.09 for a market capitalisation of RM2.62 billion.