ECO WORLD FY18 NET PROFIT EASES TO RM165.59 MLN
KUALA LUMPUR, Dec 13 (Bernama) -- Eco World Development Group Bhd’s net profit in the financial year ended Oct 31, 2018 (FY18) fell to RM165.59 million against RM209.65 million chalked up in FY17.
Revenue eased to RM2.17 billion from RM2.93 billion previously, it said in a filing with Bursa Malaysia today.
Year-on-year, Eco World’s net profit increased to RM68.5 million in the fourth quarter of FY18 from RM33.71 million in the same quarter last year, while revenue shrank to RM607.58 million from RM904.05 million previously.
Meanwhile, its international joint venture, EcoWorld International Bhd (EWI), registered a higher net profit of RM35.23 million in FY18 against a net loss of RM87.63 million in FY17.
Revenue rose to RM4.9 million from RM488,000 previously.
“The revenue arose from fees for marketing services rendered by a subsidiary to the group’s joint venture in respect of property sales of its projects in the United Kingdom,” EWI said in a separate filing with Bursa Malaysia today.
For the next financial year, the group said the large number of maturing projects in Malaysia and the increase in new projects secured by EWI would continue to provide the EcoWorld brand with a strong foundation for its growth.
-- BERNAMA
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