EcoWorld International unbilled progress billings increase to RM6bil

KUALA LUMPUR: EcoWorld International Bhd’s unbilled progress billings has increased to RM6.1bil as at May 31, setting a strong foundation for further expansion of the earnings.

EcoWorld International recorded RM698mil sales in the first seven months of FY2018. Its projects in London contributed RM546mil while those in Australia generated RM152mil.

As at May 31, the group’s effective share of unbilled sales stand at RM6.07bil.

It said the second half of FY2018 would be a significant time for EcoWorld International as handovers of residential blocks in London City Island and Embassy Gardens are expected to commence by July.

These handovers will enable the group (via its respective joint venture entities) to convert a substan- tial portion of the unbilled sales into revenue, thereby allowing the group to recognise its maiden profit in the current financial year.

Construction of other blocks in London City Island and Embassy Gardens are also underway with four additional residential blocks in the former and one in the latter scheduled for completion in FY2019.

“Their completion will boost the group’s profitability next year. The completion of Wardian, West Village and Yarra One is expected to contribute to the group’s profitability in FY2020,” it said.