KUALA LUMPUR (June 27): Eco World Development Group Bhd's (EcoWorld) net profit for the second quarter ended April 30, 2019 (2QFY19) dipped 4.5% year-on-year (y-o-y) to RM41.17 million from RM43.13 million, due to higher administrative, and selling and marketing expenses.

In a filing to the stock exchange today, EcoWorld said revenue for the quarter slipped 1.18% y-o-y to RM543.18 million from RM549.71 million, on the back of its Malaysian joint ventures, namely Eco Grandeur, Eco Horizon, Eco Ardence and Bukit Bintang City Centre.

Earnings per share in 2QFY19 dipped to 1.4 sen from 1.46 sen previously.

For the six months ended April 30, EcoWorld's net profit rose 35% y-o-y to RM71.49 million from RM52.9 million. Revenue, however, was lower at RM1.03 billion compared to RM1.07 billion in the same corresponding period a year ago.

In a separate statement, EcoWorld said it saw a strong rebound in sales following the official launch of the National Home Ownership Campaign (NHOC) on March 1, 2019.

The developer said total sales achieved in the first seven months of FY19 has reached RM1.026 billion, a substantial improvement of close to RM800 million over three months, aided by its Help2Own and Stay2Own solutions under its own HOPE Campaign.

On its prospects, EcoWorld president and chief executive officer Datuk Chang Khim Wah said despite the extremely competitive landscape, interest in all its developments remain strong.

"Based on our engagement with customers on the ground, we are grateful that our hard work to create thoughtful and distinctive developments [has] not gone unnoticed.

"Purchasers continue to be drawn to our steadfast commitment to value creation and customer service as they seek out properties that not only meet their current lifestyle needs but also have the potential to appreciate in value as the projects mature," he said.

At the midday break, EcoWorld shares shed 1.18% or 1 sen to 83.5 sen, for a market capitalisation of RM2.46 billion.