Ewein posts higher Q1 net profit


  • Business
  • Monday, 03 Jun 2019

KUALA LUMPUR: Ewein Bhd’s net profit rose 9.9% to RM13.24mil in the third quarter ended March 31, against RM12.05mil posted in the same quarter a year ago.


The property company posted a 4.25% increase in profit before tax to RM19.62mil in the first quarter as compared to RM18.82mil in the last corresponding period.


Its revenue for the quarter rose by 18.40% to RM66.84mil from RM56.46mil posted a year ago, with earnings per share for the quarter standing at 4.54 sen against 4.00 sen previously.


Ewein said that the improving result was mainly contributed from the property development segment due to higher sales of properties and higher percentage of construction completed.


The Company opines that the market condition is improving and therefore is cautiously optimistic on the performance of this segment for the remaining financial year.


In a statement Monday, Ewein said its subsidiary, Ewein Zenith Sdn Bhd, is constructing its maiden property development project in Penang, a luxury sea-front 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 3.67-acre land.


The 40-storey freehold property development features 572 sea-view units ranging from 1,097 sq ft to 1,335 sq ft in size. The construction is expected to be completed by the end of 2019.


On May 27, 2019, Bursa Securities has approved the proposed bonus issue of up to 75.39 million free warrants in Ewein on the basis of one warrant for every four existing ordinary shares in Ewein held on an entitlement date to be determined and announced later.


For illustrative purposes, based on the maximum scenario and assuming full exercise of the warrants at the indicative exercise price of 80 sen per warrant, a total of up to 75.39 million new Ewein shares would be issued and the company could potentially raise maximum gross proceeds of up to approximately RM60.32mil.


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