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GEORGE TOWN (Sept 18): Property developer Eco World Development Group Bhd grew 6.85% upon news of net profit coming in at RM9.39 million against revenue of RM454.28 million in its third quarter ended July 31, 2105 (3QFY15).
At 10.15am, the counter rose 10 sen to RM1.56 with 2.13 million shares done for a market capitalisation of RM3.45 billion.
Eco World said it achieved RM1.02 billion sales in 3QFY15; RM673 million came from projects in the Klang Valley and RM311 million was contributed by projects in Iskandar Malaysia.
As at Aug 31, 2015, year-to-date group sales was RM2.37 billion, with RM1.36 billion contributed by projects in the Klang Valley and RM964 million coming from Iskandar Malaysia, it said.
Kenanga Investment Bank Bhd maintained its “outperform” call with a lower target price of RM1.90 from RM2.05.
It said although sales and earnings are on track, the sector’s sentiment has severely been affected by global and domestic economic uncertainties.
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