Eco World Development Group Berhad Reports Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended July 31, 2016; Reaffirms Sales Guidance for the Year Ended Aug. 31, 2016
September 27, 2016 at 02:31 pm IST
Share
Eco World Development Group Berhad reported unaudited consolidated financial results for the third quarter and nine months ended July 31, 2016. For the quarter, revenue was MYR 727,336,000 against MYR 454,277,000 for the same period of last year. Profit before tax was MYR 66,756,000 against MYR 15,733,000 for the same period of last year. Profit net of tax attributable to owners of the company was MYR 44,580,000 against MYR 9,393,000 for the same period of last year. Diluted earnings per share were 1.89 sen against 0.41 sen for the same period of last year. The continued strong surge in revenue and profit in the current quarter reflects the high cumulative sales totalling MYR 6.2 billion achieved by the Group over the last two financial years as well as sales secured in the current financial period.
For the nine months, revenue was MYR 1,805,449,000 against MYR 1,030,126,000 for the same period of last year. Profit before tax was MYR 149,789,000 against MYR 39,040,000 for the same period of last year. Profit net of tax attributable to owners of the company was MYR 99,927,000 against MYR 24,259,000 for the same period of last year. Diluted earnings per share were 14.23 sen against 1.70 sen for the same period of last year. Net cash used in operating activities was MYR 62,123,000 against inflow of MYR 102,719,000 for the same period of last year. Purchase of property, plant and equipment and investment properties was MYR 24,612,000 against MYR 64,102,000 for the same period of last year. The results for the current period-to-date reflect 9 months of income recognition as opposed to 7 months for the projects acquired pursuant to the agreements for the acquisition of development rights which only become unconditional on 8 January 2015.
The company announced that its fiscal 2016 sales target of MYR 4 billion was set based on expected sales from projects under the EcoWorld brand name, i.e. the Group's projects in Malaysia (including BBCC) and those undertaken by EWI. In respect of BBCC and EWI, the Group's proportionate share of sales from its 40% stake in BBCC and proposed stake of up to 30% in EWI are included in the target. Barring unforeseen circumstances, the Group is on track to achieve this sales target based on the high level of locked-in sales achieved up to August 31, 2016. In the ensuing months of fiscal 2016, sales are expected to be further boosted by the recent launches of Eco Ardence, Eco Grandeur, EBP II and Eco Bloom @ EcoMeadows as well as the imminent launch of BBCC.
Eco World Development Group Berhad is a Malaysia-based company engaged in property development. The Company has approximately 8,318.3 acres of land bank. The Company has a presence in the Klang Valley, Iskandar Malaysia and Penang. It has 20 projects in total comprising a product range that includes ErgoHomes, co-creation homes, luxury homes, integrated high-rise developments and green business parks. The Company's projects include Eco Majestic, Eco Sanctuary, Eco Botanic, Eco Business Park 2, Eco Summer, Eco Spring, Eco Business Park 1, Eco Tropics, Eco Business Park 3, Eco Forest and Eco Meadows, among others. The Company also operates in United Kingdom and Australia. Its subsidiaries include Focal Aims Land Sdn. Bhd., Eco World Ukay Sdn. Bhd., Eco Sanctuary Sdn. Bhd., Eco Sky Sdn. Bhd. and Eco Majestic Development Sdn. Bhd., among others.
Eco World Development Group Berhad Reports Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended July 31, 2016; Reaffirms Sales Guidance for the Year Ended Aug. 31, 2016