ECO WORLD SECURES RM955m SALES IN 4 MONTHS

New Straits Times - - Business -

SEMENYIH: Eco World Devel­op­ment Group Bhd has se­cured RM955 mil­lion i n sales in the first four months of the cur­rent year end­ing Oc­to­ber 2017.

“This is 57 per cent higher than the RM 6 0 7. 8 mi l l i o n posted in the pre­vi­ous year,” said pres­i­dent and chief ex­ec­u­tive of­fi­cer Datuk Chang Kim Wah.

About RM797 mil­lion of the sales were from projects in the Klang Val­ley, while the re­main­ing RM158 mil­lion were con­tri­bu­tions from Johor and Pe­nang, he said af­ter a share­hold­ers’ meet­ing, here, yesterday.

Also present were Eco World ex­ec­u­tive di­rec­tor Liew Tian Xiong and chief fi­nan­cial of­fi­cer Datuk Heah Kok Boon.

Eco World’s firstquar­ter (Q1) prof­its ended Jan­uary this year j ump e d more than five­fold to RM116.16 mil­lion, from RM20.67 mil­lion, due to gain on di­lu­tion of its equity in­ter­est in Paragon Pin­na­cle.

This was on the back of its Q1 rev­enue ris­ing 28 per cent to RM592.71 mil­lion, from RM463.51 mil­lion pre­vi­ously, said the com­pany in a fil­ing to the lo­cal stock ex­change

Chang said the Q1 profit was boosted by RM94.8 mil­lion gain from the ap­pli­ca­tion of FRS 10 — Con­sol­i­dated Fi­nan­cial State­ments to recog­nise the im­pact of a change in the group’s in­ter­est in Paragon Pin­na­cle from a ful­ly­owned sub­sidiary to a 60 per cent joint ven­ture.

He also said the re­sult was sup­ported by strong fol­low-through con­tri­bu­tions from the Eco Gran­deur, Eco Ar­dence and Bukit Bin­tang City Cen­tre (BBCC) launches.

BBCC also recorded good sales with in­creas­ing in­ter­est from young ur­ban­ites and over­seas pur­chasers.

“Over the next few quar­ters, we ex­pect in­ter­est and sales mo­men­tum in the three projects to pick up fur­ther,” said Chang.

Ear­lier, Eco World share­hold­ers ap­proved res­o­lu­tions on the reap­point­ment of board of di­rec­tors and pro­vi­sion of fi­nan­cial as- sis­tance within the com­pany.

On March 9 this year, Eco World In­ter­na­tional Bhd (EWI) is­sued its prospec­tus in con­junc­tion with its pro­posed ini­tial public of­fer­ing (IPO) is ex­pected to take place next month.

Chang said the Em­ploy­ees Prov­i­dent Fund’s en­try as a 40 per cent share­holder to jointly de­velop an­other four projects and the com­ple­tion of Eco World’s 25 per cent pri­vate place­ment would strengthen the group’s bal­ance sheet and bet­ter man­age its gear­ing level.

“We are on track to achieve our lo­cal sales tar­get of RM4 bil­lion sales. Once we com­plete our sub­scrip­tion for the 27 per cent stake in EWI, we will be en­ti­tled to recog­nise a pro­por­tion­ate share of EWI’s sales for the cur­rent year end­ing Oc­to­ber this year,” he added. Ooi Tee Ching

Eco World pres­i­dent and CEO Datuk Chang Kim Wah

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