KUALA LUMPUR: Ewein Bhd
posted a net profit of RM12.05mil in the first quarter ended March 31, compared with RM2.53mil in the same period a year ago.
The property company’s pre-tax profit jumped 259% to RM20.79mil in the first quarter ended March 31 against the RM5.78mil posted in the same period a year ago.
Ewein recorded a total revenue of RM56.46mil, which is 148% higher than RM22.76mil registered in the first quarter of FY2017. Its earnings per share for the quarter stood at 4 sen from 1.11 sen in previous year.
“We opine that the market is improving. Therefore, the company is cautiously optimistic on the performance of its property development business for the remaining quarter of this financial year. We are also positive of our manufacturing segment, which will be driven by improving demand of the electronics and electrical industry, going forward,” Ewein said in a statement.
Ewein remained positive on its investment holding, property management and letting businesses due to an improvement in the take-up rate of its investment property, Menara IJM Land in Penang.
Through its subsidiary Ewein Zenith Sdn Bhd, the group is currently constructing its maiden property project in Penang, a luxury sea-front development known as “City of Dreams” in Bandar Tanjong Pinang, overlooking Gurney Drive.
The project is expected to be completed by the end of 2019. City of Dreams has a gross development value of RM800mil and is situated on a 3.67-acre land. The 40-storey freehold property development features 572 units ranging from 1,100 sq ft to 1,350 sq ft in size.
On May 15, Ewein has also announced its intention to increase its stake in Ewein Zenith from 73% to 89%.
Going forward, Ewein will be able to realise higher profit generated by Ewein Zenith for the financial year ending Dec 31, 2018 (FY18), as compared to only 60% in FY17.
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