KUALA LUMPUR, Dec 12 — Eco World Development Group Bhd recorded a higher profit of RM203.42 million in the financial year ended Oct 31, 2019 (FY2019), from RM93.49 million last year.
Revenue also surged to RM2.46 billion from RM1.98 billion previously, the property developer said in a filing with Bursa Malaysia today.
The group attributed its performance to its main projects, namely Eco Majestic, Eco Forest, Eco Sanctuary and Eco Sky in the Klang Valley; Eco Botanic, Eco Spring, Eco Summer, Eco Business Park I, Eco Business Park II, Eco Tropics and Eco Business Park III in Iskandar Malaysia; and Eco Meadows in Penang.
“The higher revenue was mainly due to the strong recovery in sales after the launch of the National Home Ownership Campaign (NHOC) on March 1, 2019 and the higher percentage of projects completed,” it said.
Meanwhile, its 27 per cent-owned associate, Eco World International Bhd, has turned into black in FY2019 with a profit of RM187 million against a loss of RM11.23 million in 2018.
Revenue, however, slipped to RM478,000 from RM1.3 million previously.
Moving forward, the group said it would introduce a new range of houses next year, priced from RM300,000-RM450,000, to take capitalise on the excellent infrastructure and lifestyle amenities within existing EcoWorld townships.
“This will provide a greater element of choice to customers and broaden the group’s market appeal and set it on a strong and sustainable growth path in the years ahead,” it said.