KUALA LUMPUR: Ewein Bhd, a property company, registered a positive quarterly performance for the third time in a row this financial year ending December 31, 2018 (FY2018).
For the third quarter (3Q), the company posted a revenue of RM60.56 million, a 108.04 per cent higher than RM29.11 million posted in the same period last year.
A filing with Bursa Malaysia today shows Ewein's positive performance is attributed to contributions from its property development segment, which saw more property units sold, higher percentage of completion and faster construction progress compared to last year.
The company recorded a 9-month cumulative quarter revenue of RM160.06 million, which is 109.68 per cent higher than the revenue registered in the same period last year.
Commenting on the latest financial results, president and group managing director Dato Ewe Swee Kheng remain optimistic on the performance of the remaining last quarter.
"We shall see the group achieving a record high annual revenue and profit for the entire FY2018.
"This will mainly be fuelled by the revenue contribution from Ewein’s City of Dreams development,” he said in a statement.
Currently, through its subsidiary Ewein Zenith Sdn Bhd, the group is constructing its maiden property development project in Penang, a luxury sea-front development known as City of Dreams in Bandar Tanjong Pinang, overlooking Gurney Drive.
City of Dreams has a gross development value of RM800 million and is situated on a 3.67-acre land.
The 40-storey freehold property development features 572 sea-view units ranging from 1,100 sq ft to 1,350 sq ft in size.
The construction is expected to be completed by the end of 2019.