KUALA LUMPUR (Aug 27): Ewein Bhd's second quarter net profit increased 273% to RM11.64 million from RM3.12 million a year earlier as the Penang-based property developer reported higher property sales.

Ewein said in a filing with Bursa Malaysia today that group revenue rose to RM43.05 million in the second quarter ended June 30, 2018 (2QFY18) from RM24.47 million a year ago.

Ewein said revenue growth "was mainly contributed from property development segment for higher percentage of completion and property units sold".

For 1HFY18, Ewein said net profit rose to RM23.69 million from RM5.65 million a year earlier, while revenue grew to RM99.5 million from RM47.23 million.

Looking ahead, Ewein said it opines that the property market is improving and therefore, the company is cautiously optimistic on the performance of this business segment for the remaining months of FY18. — theedgemarkets.com

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