Eco World Q2 earnings surge nearly 200% to RM34.6m

KUALA LUMPUR: Eco World Development Group Bhd reported a strong set of earnings of RM34.67mil for the second quarter ended April 30, 2016.

The property development company said on Tuesday the earnings were up 193% from RM11.81mil a year ago while revenue increased 47% to RM614.60mil from RM417.82mil. Earnings per share were 1.47 sen compared with 0.79 sen a share a year ago.

“The higher revenue and profit for the current quarter were mainly contributed by the strong cumulative sales totalling RM6.2bil achieved by the group over the last two financial years as well as sales secured in the current financial year and higher percentage of completion of works for ongoing projects,” it said. 

For the first half, its earnings surged 272% to RM55.34mil from RM14.88mil in the previous corresponding half.   Its revenue nearly doubled to RM1.078bil from RM575.85mil.

Eco World explained results for the current period-to-date reflected six months of income recognition as opposed to five months for the projects acquired pursuant to the agreements for the acquisition of development rights which only become unconditional on Jan 8, 2015. 

“Ongoing projects which contributed to the revenue and gross profit achieved included Eco Majestic and Eco Sky in the Klang Valley and Eco Botanic, Eco Spring, Eco Summer and Eco Business Park 1, Eco Tropics and Eco Business Park III in Iskandar Malaysia,” it said.