Eco World 1Q net profit at RM3.1m

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KUALA LUMPUR (Mar 19): Eco World Development Group Bhd has posted a net profit of RM3.06 million or 0.6 sen per share and a revenue of RM158.03 million for its first quarter ended Jan 31, 2015. 

In a Bursa Malaysia filing today, Eco World (fundamental: 0.95; valuation: 0.3) said four of its projects, namely Eco Majestic and Eco Sky in the Klang Valley and Eco Botanic and Eco Business Park 1 in Iskandar Malaysia contributed the bulk of the revenue and profit before tax for the current quarter.

"Of the group's existing ongoing projects, Saujana Glenmarie also contributed to revenue for the current quarter from the sale of completed units, whilst Eco Tropics has just obtained approval of its revised master plan in the month of February 2015 from the authorities," it said. 

There was no preceding quarter for comparison, as the group changed its financial year end to October 31, from Sept 30. 

"Consequently, the 2014 quarterly financial reporting periods do not correspond with the 2015 quarterly financial reporting periods, and the 2014 quarterly results do not form an entirely proper basis for comparison with the 2015 quarterly results," it said in its filing this afternoon. 

Looking ahead, the group said it intends to launch four new projects in the upcoming months of its current financial year - Eco Sanctuary in Shah Alam, Eco Terraces in Penang, Eco Tropics and Eco Business Park III in Iskandar Malaysia.

"With 6 ongoing projects, 4 new projects to be launched this year and several other projects planned for launch next year, the board is confident that the Group is on track to achieve its RM7 billion sales target over FY2015 & FY2016," it said. 

Eco World shares were one sen higher at RM1.94 as at 2.18pm. 

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)