Share
KUALA LUMPUR (Dec 15): Eco World Development Group Bhd said fourth quarter net profit rose 15% to RM33.71 million from RM29.35 million a year earlier on higher revenue.
In a statement to Bursa Malaysia today, property developer Eco World Development said revenue climbed to RM899.02 million in the fourth quarter ended Oct 31, 2017 (4QFY17) from RM740.99 million.
"The projects which contributed to revenue and gross profit in 4QFY17 include Eco Majestic, Eco Sanctuary and Eco Sky in the Klang Valley, Eco Botanic, Eco Spring, Eco Summer, Eco Business Park 1, Eco Tropics and Eco Business Park III in Iskandar Malaysia as well as Eco Meadows and Eco Terraces in Penang.
"The higher revenue in 4QFY17 compared to 4QFY16 is due to a higher percentage and relatively more advanced stage of completion achieved by the above projects in the current as compared to preceding year quarter," Eco World Development said.
Eco World Development said full-year FY17 net profit rose to RM209.65 million from RM129.28 million a year earlier. Revenue was higher at RM2.92 billion versus RM2.55 billion.
"The board is pleased to announce that the group succeeded in achieving its sales target of RM4 billion from its Malaysian projects in FY17. Together with the RM2 billion sales recorded by EcoWorld International, sales achieved in FY17 by its subsidiaries and joint ventures totalled RM6 billion," Eco World said. — theedgemarkets.com
For more stories, download EdgeProp.my pullout here for free.
TOP PICKS BY EDGEPROP
Telok Panglima Garang Industrial Zone
Telok Panglima Garang, Selangor
Telok Panglima Garang Industrial Zone
Telok Panglima Garang, Selangor
Taman Sungai Besi Indah
Seri Kembangan, Selangor
Pangsapuri Lagoon Perdana
Bandar Sunway, Selangor
