Ewein all set to make a comeback

KUALA LUMPUR (July 21): Ewein Bhd deputy chairman and group managing director Datuk Ewe Swee Kheng (pictured) recently spoke to The Edge where he said that that the group has weathered a storm over the past three years, and he believes the worst is over.

The business weekly reported that Ewein bounced back from last year’s fourth-quarter net loss of RM1.32 million to post a net profit of RM12.05 million in the first quarter of this year, more than quadrupling its prior-year total and surpassing the RM9.07 million net profit recorded for the whole of financial year ended Dec 31, 2017 (FY2017).

Ewe told the publication that he is upbeat about Ewein’s earnings performance for FY2018, which will see the group hitting a fresh record annual profit.

He said “this will be mainly fuelled by revenue recognition from its City of Dreams, Penang development, which recently recommenced after the stop-work order was lifted”.

City of Dreams is being developed by Ewein subsidiary Ewein Land Sdn Bhd and Consortium Zenith Construction Sdn Bhd (CZCSB) via the joint-venture vehicle Ewein Zenith Sdn Bhd. Ewein holds an 89% stake in Ewein Zenith and CZCSB owns 11%.

City of Dreams has a gross development value (GDV) of RM800 million.

Ewe also told The Edge that City of Dreams project “has seen about 70% of its 572 units taken up”. Work on two blocks of 38-storey sea-fronting serviced apartments is still on track to be completed by the end of 2019.

Meanwhile, phase 2 of the group’s Bandar Tanjong Pinang development will have luxury serviced apartments.

Ewe told the weekly that Ewein has signed “term sheets with an international hotel brand” to manage the property.

The concept will be based on a “format similar to the Marriott Residences Penang and Ascott Kuala Lumpur”.

Ewe was also in the news for the wrong reasons earlier this year when he was remanded by the Malaysian Anti-Corruption Commission to assist in a corruption investigation in relation to the Penang undersea tunnel project.

“The allegations have been proven false,” he told The Edge.

Ewe also said that Ewein has mostly recovered its reputation.