KUALA LUMPUR: Property developer Eco World Development Group Bhd posted a lower net profit of RM57 million for the first quarter (Q1) ended January 31, 2023 (FY23) from RM63.36 million recorded in the same quarter last year.
Revenue for the quarter eased to RM484.73 million compared with RM533.42 million while earnings per share (EPS) slipped to 1.94 sen versus 2.15 sen, the company said in a filing with Bursa Malaysia today.
EcoWorld recorded RM1.35 billion in sales in the first four months of FY23, more than the RM1.28 billion achieved in the same period of FY22, representing 38.5 per cent of the the company's FY23 sales target of RM3.5 billion.
The Eco Business Parks (EBP) industrial segment recorded the highest sales, contributing RM616 million, making up 46 per cent of total year-to-date sales achieved, boosted by strong demand from local and international industrialists.
Sales of residential homes totalled RM548 million in the first four months of FY23 with sustained interest in EcoWorld Malaysia's upgrader products.
President and chief executive officer Datuk Chang Khim Wah said going forward, the company has many launches lined up with this year being EcoWorld's 10th anniversary.
"As part of the 'We're 10' celebrations, we have further refined many of our most successful products and concepts.
"First up is our popular 'duduk' apartments which are Klang Valley compact homes which we had initially targeted at younger homeowners.
"We have reconceptualised them for every generation and they will soon be available in Iskandar Malaysia and Penang.
"They are designed with all of life's necessities but are still attainable from a pricing standpoint and they are ideal homes for urbanites of every age," he said.