“Construction progress is on track in Malaysia and London which will enable the group to record profit growth in the upcoming quarters.”
ECO WORLD INTERNATIONAL BHD
ECO World International Bhd’s (EWI) net loss widened to RM29.08 million in the second quarter (Q2) ended April 30 from RM24.82 million a year ago, due to an unrealised foreign exchange (forex) loss against an unrealised forex gain in the previous corresponding quarter.
In a filing to Bursa Malaysia, EWI said it posted RM698 million sales in the first seven months of financial year (FY) 2018, with its projects in London contributing RM546 million and those in Australia generating RM152 million. As at May 31, the group’s unbilled sales stood at RM6.076 billion.
EWI said there was no revenue recorded in Q2 of FY2018, compared with RM37,000 in the same period last year, which arose from fees for marketing services rendered by a subsidiary to a joint venture (JV) in respect to property sales in the United Kingdom.
It said revenue and profit from property development activities would be recognised by its subsidiary and JV when the relevant units were completed and delivered beginning next month.
EWI said construction progress was on track in Malaysia and London, which would enable the group to record profit growth in the upcoming quarters.
Meanwhile, EcoWorld Malaysia’s unbilled progress billings as at April 30, based on its stakes in its Malaysian and international JVs, stood at RM5.9 billion while EWI billings had grown to RM6.1 billion as at May 31.
EWI president and chief executive officer Datuk Teow Leong Seng said the group’s plan to establish Eco World as a global brand received a boost with the rebranding of new projects under a JV with Willmott-Dixon as EcoWorld London.
“The seven new sites we have acquired in Greater London along with a strong and experienced multidisciplinary team in London will enable us to hit the ground running,” he said.