Ewein net profit surge driven by strong property development business

KUCHING: Property company Ewein Bhd (Ewein) registered a net profit of RM4.69 million for the fourth quarter ended December 31, 2015 (4QFY15).

According to a press release, for FY15, its net profit surged 289% to RM12.32 million from RM3.16 million in the previous financial year. It posted a revenue of RM86 million for FY2015, up 92% from RM44.64 million in FY14.

According to the filing with Bursa Malaysia, the company attributed the higher revenue and profit from the revenue contributed by its maiden property development activity which has commenced during the 4QFY15.

The company has recognised revenue from its property development based on stages of completion method.

Going forward, Ewein remains optimistic that the manufacturing division will be positive and it is poised to further improve in view of the current weak currency environment for the remaining months of this year.

The company also expects a significant contribution from its property development segment which will be expected to drive the company’s performance positively in the future.

The company has gained strong buying interests for its first property project, City of Dreams which has a gross development value or RM800 million. The project is located between Gurney Drive and Bandar Tanjong Pinang.

Thus far, the company has received over 1,200 applications for the 572 units available under City of Dreams.