By Khairie Hisyam
Property developer Eco World Development Group Bhd exceeded its sales target by 50% for the 13-month period ended Oct 31, 2014 (FY14), raking in RM3.2 billion compared to its original target of RM2 billion.
In a regulatory filing today, Eco World posted pre-tax earnings of RM1.6 million from RM35.6 million revenue for the three-month period ended Sept 30, compared to RM4 million from RM43.9 million respectively in the previous corresponding period.
Overall the full 12-month period to Sept 30 saw RM9.3 million in pre-tax profits from RM112.36 million for the developer compared to RM29.6 million from RM156.3 million respectively in FY13.
However the developer had earlier changed its financial year end to Oct 31.
Of the total sales figure, RM3.02 billion came from projects launched by its shareholder Eco World Development Sdn Bhd. Another RM165.7 million came from its Kota Masai development in Johor as well as from sales of completed units at Saujana Glenmarie project, it said.
Eco World Development Sdn Bhd is currently in the process of injecting some 3,107 acres to Eco World’s existing landbank of 1,326 acres, boosting the group’s current GDV from RM13.49 billion to RM43.53 billion.
The deadline for the exercise to complete was originally Oct 25 this year but this was extended by another four months, the company announced in October.
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