PETALING JAYA: Eco World International Bhd
(EWI) posted a net loss of RM3.75mil for the first quarter ended Jan 31, 2025 (1Q25), reversing from a net profit of RM182,000 in the same period last year, as the company recorded no revenue for the quarter.
In a filing with Bursa Malaysia, the property developer attributed the absence of revenue to the full sale of residential units in its Australian projects, West Village and Yarra One, in the financial year ended Oct 31, 2024 (FY24).
It said only one commercial unit remains unsold.
"The group is currently assessing the feasibility of the remaining sites and will proceed with new launches if expected returns can be projected with greater certainty," EWI noted.
The group's joint ventures recorded revenue of RM54.96mil in 1Q25, a drop from RM225.64mil a year ago, mainly due to lower sales completions as both joint ventures are gradually selling down completed inventories.
EWI's effective share of this unconsolidated revenue stood at RM39.25mil, down from RM164.96mil in 1Q24.
Consequently, the company recorded a lower share of profits from joint ventures during the quarter.
It reported a pre-tax loss RM3.7mil, compared to a pre-tax profit of RM1.53mil in the previous corresponding period.
