“We believe that once borders reopen demand from foreign industrialists will further boost sales of this segment of our business, ” President and chief executive officer Datuk Chang Khim Wah told StarBiz.
KUALA LUMPUR: EcoWorld Development Bhd (EcoWorld Malaysia) aims to boost sales for its industrial segment this year, to be driven by the higher demand expected from foreign industrialists when cross-border business travel is allowed.
President and chief executive officer Datuk Chang Khim Wah said despite the slower first four months of financial year 2021 ending Oct 31 (FY21) due to year-end holidays and Chinese New Year festivities, the group’s industrial portfolio made a whopping RM107mil in sales as at Feb 28.
EcoWorld Malaysia chairman Tan Sri Liew Kee Sin )pic) said that on a combined basis, the EcoWorld brand achieved RM3.7bil sales in Malaysia, the UK and Australia.
KUALA LUMPUR: EcoWorld Malaysia exceeded its financial year (FY) 2020 sales target of RM2bil by 15% with full-year sales amounting to RM2.3bil.
In a statement following its results, EcoWorld Malaysia said sales in the fourth quarter (Q4) 2020 exceeded RM1bil – higher than the RM960mil recorded in Q3,2020.
Collectively, the second half 2020 sales comprise 85% of total sales in FY2020.
It said revenue in the final quarter of the year was the highest recorded, signifying a healthy rebound in sales as well as construction progress as a result of the relaxation of the movement control order (MCO) from Q3 onwards.
Eco World Development posts lower Q4 earnings on inventory writedowns 17 Dec 2020 / 22:41 H.
PETALING JAYA: Eco World Development Group Bhd’s net profit slid 18.4% to RM66.46 million for its fourth quarter ended Oct 31 against RM81.46 million reported in the same quarter of last year attributed to a RM33 million writedown of inventories during the quarter following a detailed review of residual unsold stock within phases that have been handed over.
Revenue for the period stood at RM635.47 million, a 29.9% tumble from RM906.54 million reported previously.
According to its Bursa disclosure, the group saw a 32% decrease in finance costs for the quarter due to loan repayments and lower interest rates on floating rate loans, arising from the reduction in the Overnight Policy Rates by Bank Negara Malaysia.
(EcoWorld Malaysia) recorded sales of RM2.3bil in the financial year ended Oct 31,2020, exceeding its RM2bil sales by 15%.
According to its statement issued on Thursday, the stronger sales target was underpinned by the fourth quarter sales which exceeded RM1bil it was also higher than the RM960mil sales in the third quarter.
“Collectively, 2H 2020 sales comprise 85% of total sales in FY2020, ” it said in a statement.
Revenue in 4Q 2020 was the highest recorded in the four quarters of FY2020, which was a strong rebound in both sales as well as construction progress, following gradual relaxation of the Movement Control Order (MCO) from 3Q 2020 onwards.