UOB Kay Hian Research said the better performance was driven by: a) higher-than-expected billings recognition from domestic unbilled sales from both its subsidiaries and JVs, coupled with property completions and deliveries, b) higher sales secured in FY19 yoy, and c) improved performance from its 27% stake in EcoWorld International (EWI) following completion and units handover as well as progress billings from its Build-to-Rent (BtR) development.
KUALA LUMPUR: EcoWorld Development's (EcoWorld) financial performances for the fourth quarter and the financial year ended Oct 31,2019 were above expectations, UOB Kay Hian Malaysia Research said.
EcoWorld reported 4QFY19 core net profit of RM82mil (+61% quarter-on-quarter (qoq), 5.4 times year-on-year (yoy) on revenue of RM907mil (+74% qoq, +97% yoy).
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