EWDG Q4 profit rises to RM34m

KUALA LUMPUR: Eco World Development Group Bhd’s (EWDG) fourth quarter (Q4) profit ended October rose 14.85 per cent to RM33.71 million, from RM29.35 million a year ago.

Projects that contributed to higher sales were 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.

Revenue for the quarter rose 16.87 per cent to RM899.02 million compared with RM740.99 million previously.

EDWG’s Q4 revenue was bumped up by higher percentage of project completion and a higher number of sold units.

EDWG chief executive officer Datuk Chang Khim Wah said the company achieved its RM4 billion sales target for the financial year ended October.

On the outlook for current year ending October 2018, Chang said EWDG was determined to achieve RM3.5 billion in sales, while acknowledging the challenging real estate market.

With unbilled property sales of RM6.4 billion as of October, Chang said the group would continue to focus on existing projects in Penang, Johor Baru and the Klang Valley.

He said sales remained steady for all three of its United Kingdom projects despite the Brexit uncertainties.