Eco World International reports maiden revenue from Australia

KUALA LUMPUR (Sept 25): Eco World International Bhd (EWI), the international arm of Eco World Development Bhd, reported a net profit of RM37.63 million in the third quarter ended July 31, 2020 (3QFY20) amid sharply higher revenue of RM615.44 million compared with RM224,000 a year ago.

A year ago, the group’s net profit was higher at RM57.94 million, which was mainly boosted by foreign exchange gain of RM8.81 million compared to a loss of RM8.89 million in the quarter under review.

In a statement, EWI said its Embassy Gardens development in London launched its final residential building, The Modern, last weekend (Sept 19-20) in London, Hong Kong and Shanghai.

According to the group, 47 units worth RM228.2 million were snapped up by buyers. The next cities where The Modern will be unveiled are Kuala Lumpur, Singapore and Beijing.

“The much-anticipated release of these new apartments and their compelling pricing provides a unique opportunity for global property investors to become a part of the Embassy Gardens family.

Embassy Gardens Phase 2, a joint venture development between EcoWorld International and Ballymore Group, was first launched in 2015. It is expected to deliver 743 private residential units and 163 units of affordable homes across three residential blocks.

It is worth noting that EWI reported its maiden revenue from Australia 3QFY20, enabled by commencement of handover of units in West Village.

As at Aug 31, 313 keys have been delivered to purchasers of West Village. While there was a small percentage of rescissions recorded in the quarter, some of the rescinded units have been successfully resold to new purchasers subsequently, the group said in the result announcement.

For the cumulative nine-month period ended July 31, 2020 (9MFY20), EWI posted a net profit of RM62.88 million compared with RM68.7 million.

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