Ecoworld 2Q net profits fall 61% to RM2.57m

KUALA LUMPUR: Ecoworld Development Group Bhd’s net profit for the second financial quarter ended March 31, 2014, fell 61% to RM2.57 million from RM6.67 million in the previous corresponding quarter.

Revenue fell to RM26.85 million from RM33.54 million a year ago.

Net profits for the six months shrank to RM3.36 million from RM13.31 million a year ago. Cumulative revenue for the six months fell to RM49.47 million from RM68.38 million a year ago.

The company attributed the earnings fall to lower sales and revenue recognition from the group’s existing Saujana Glenmarie project.

The company however was positive on the prospects for its Kota Masai project in Iskandar Malaysia, Johor.

“Initial feedback from customers has been highly positive and sales are expected to be strong upon official launch of both parcels towards the later part of the year,” the company said in its results announcement.

This article first appeared in The Edge Financial Daily, on May 23, 2014.


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