SHAH ALAM: Eco World Development Group Bhd (EcoWorld) recorded a profit-before-tax of RM7.7 million on the back of RM76.7 million revenue for the nine months ended June 30 2014.
The lower revenue and profit this year is due to the completion of its Saujana Glenmarie project in the Klang Valley and reduced launches at its Kota Masai project in Iskandar Malaysia, it said yesterday.
Since the beginning of the year, EcoWorld has been expanding its landbank extensively.
In March, it entered into an agreement to acquire land next to Kota Kemuning, here, which will be developed into a luxury enclave known as EcoSanctuary.
In April, EcoWorld announced a major corporate exercise that included the acquisition of development rights to eight projects owned by Eco World Development Sdn Bhd (EW).
Last month, EcoWorld entered into an agreement with a private landowner to acquire land in Semenyih for a township project to be called EcoForest.
Upon the completion of these acquisitions, EcoWorld’s total landbank will increase from 401ha at the start of financial year 2014 to about 1,993ha, with a total gross development value of RM47 billion.
On the development front, EW has been launching several projects, but their development rights are all in the process of being acquired by EcoWorld.
“As of July 31, EW’s cumulative sales on EcoSky, EcoMajestic, EcoBotanic, EcoSpring and Eco Business Park I totalled RM2.015 billion. This has exceeded the sales target of RM2 billion set for the current financial year. As soon as we complete the acquisition of the development rights, the benefits of all the sales secured by EW will transfer to EcoWorld,” said EcoWorld president and chief executive officer Datuk Chang Khim Wah.
The group is also launching several projects towards the end of the year, including the EcoTropics residential township and Eco Business Park III in Johor.