ECO World targets RM6 billion sales in FY18
KUALA LUMPUR: ECO World Development Group Bhd (Eco World Malaysia) and Eco World International Bhd aim to achieve a combined sales of RM6 billion under the ‘Eco World’ brand in financial year ending October 31, 2018 (FY18).
Eco World Malaysia chief executive officer, Datuk Chang Khim Wah, said RM3.5 billion would be contributed by local projects under Eco World Malaysia and the rest from Eco World International.
“We are optimistic to achieve the target despite the continuous market challenges not just in Malaysia but also in the UK and Australia,” he told reporters on the sidelines of Invest Malaysia 2018 here yesterday.
As at end-October 2017, the cumulative sales from projects in Malaysia, UK and Australia had exceeded RM21 billion with annual sales having crossed the
We are optimistic to achieve the target despite the continuous market challenges not just in Malaysia but also in the UK and Australia. Datuk Chang Khim Wah, Eco World Malaysia chief executive officer
RM6 billion mark for the third consecutive years.
Chang said Eco World Malaysia’s sales target would come from its existing projects in the Klang Valley, Iskandar Malaysia and Penang.
He said the company would not be launching any sizeable new projects this year.
Instead, he said, it would concentrate on further enhancing the value of its existing landbank with the aim of delivering sustainable long-term growth for all stakeholders.
“We expect core earnings to grow steadily in FY18 supported by the high level of unbilled progress billings of RM6.4 billion as at October 31, 2017,” he said.
Meanwhile, Eco World International CEO, Datuk Teow Leong Seng, said the sales target for FY18 comprised RM2 billion from its five ongoing projects and new launches from projects under joint-venture with Be Living in the UK.
“Eco World International will recognise its maiden profits in 2018 following the scheduled handover of two blocks of apartments at London City Island project and one block in Embassy Gardens,” he said.