Ewein 9-month profit surpasses earnings for entire FY17 by 150%

GEORGE TOWN: Ewein Bhd posted a pre-tax profit of RM16.9mil on the back of a RM60.5mil turnover for the third quarter ended Sept 30, registering a 99.92% growth over the pre-tax profit RM8.45mil achieved in the same period a year ago.

Over a nine-month period, Ewein’s revenue and pre-tax profit came in at RM160.06mil and RM54.4mil, respectively, which were 109.68% and 168.04% higher than last year.

“This also means that the pre-tax profit posted by Ewein in the first nine months of financial year 2018 (FY18) has surpassed the pre-tax profit recorded for the entire FY17 by 150.46%, and all other financial years since its listing in 2008,” said president and managing director Datuk S.K. Ewe.

Ewe said the group was thrilled with its performance in the first three quarters of FY18 and remained optimistic on the remaining last quarter.

“We shall see the group achieving a recordhigh revenue and profit for 2018. This will mainly be fuelled by the contribution from Ewein’s City of Dreams development,” he said.

Through its subsidiary Ewein Zenith Sdn Bhd, the group is constructing its maiden property project, a luxury seafront development known as City of Dreams in Bandar Tanjong Pinang, overlooking Gurney Drive.

City of Dreams has a gross development value of RM800mil and is situated on a 3.67acre land.

The 40-storey freehold project features 572 seaview units ranging from 1,100 to 1,350 sq ft in size. The construction is expected to be completed by end-2019.