KUALA LUMPUR (Dec 10):  Eco World Development Group Bhd (Eco World) recorded a net profit of RM1.37 million and a revenue of RM36.04 million in the first month of its financial year ending Oct 31, 2014 (FY2014), thanks to sales of completed units in Saujana Glenmarie.

Comparative figures are not available since the company changed its financial year end from Sep 30 to Oct 31.

However, it should be noted that Eco World recorded a net profit of RM7.18 million and revenue of RM148.39 million in the 13-month period ended Oct 31, 2014.

“The group’s current month profit before tax of RM2.8 million is higher as compared to RM1.6 million in the immediate preceding quarter ended Sep 31, 2014, mainly due to higher revenue and profit derived from Saujana Glenmarie,” the property developer said in its filing to Bursa Malaysia today.

Eco World expects its prospects going forward to remain “highly positive”.

“For the upcoming financial year, the group intends to launch four new projects – these are Eco Sanctuary in Shah Alam, Eco Terraces in Penang, Eco Tropics and Eco Business Park III in Iskandar Malaysia.”

“Along with its existing projects in the Klang Valley and Iskandar Malaysia, the group targets to achieve RM7 billion sales over FY2015 and FY2016,” Eco World said.

For the one month period, Eco World’s earnings per share (EPS) stood at 0.54 sen, while its 13-month period EPS is at 2.83 sen. Its net assets per share is RM1.29.

In a separate filing with Bursa Malaysia, Eco World announced that trading of its shares would be halted for an hour between 2.30 pm to 3.30 pm today. In the interim, Eco World’s share price last traded at RM3.94, down 3 sen.