ECO WORLD DEVELOPMENT 1Q FY2023 NET PROFIT DOWN 10 PCT TO RM57 MLN

KUALA LUMPUR, March 23 (Bernama) -- Eco World Development Group Bhd’s net profit for the first quarter ended Jan 31, 2023 (1Q FY2023) slipped to RM57 million from RM63.36 million recorded in the same quarter in the previous year while revenue eased to RM484.73 million compared with RM533.42 million.

Earnings per share slipped to 1.94 sen versus 2.15 sen, the property developer said in a filing with Bursa Malaysia today.

“The group’s revenue and share of results from Malaysian joint ventures for 1Q FY2023 were 9.1 per cent and 18.9 per cent lower, respectively, than 1Q FY2022.

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“This was mainly due to the lower levels of work progress and site activities in 1Q FY2023 due to the earlier Chinese New Year festive period in January this year, and lower contributions in the quarter under review from several parcels which were substantially completed in FY2022,” president and chief executive officer Datuk Chang Khim Wah said in a separate statement.

He said going forward the company has many launches lined up with this year being EcoWorld’s 10th anniversary.

“As part of the ‘We’re 10’ celebrations, we have further refined many of our most successful products and concepts.

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“First up is our popular ‘duduk’ apartments which are Klang Valley compact homes which we had initially targeted at younger homeowners. We have reconceptualised them for every generation and they will soon be available in Iskandar Malaysia and Penang.

“They are designed with all of life’s necessities but are still attainable from a pricing standpoint and they are ideal homes for urbanites of every age,” he said.

-- BERNAMA