EcoWorld International records cumulative sales of RM7.71b - Business News

KUALA LUMPUR: EcoWorld International Bhd (EWI) recorded a strong sales growth, with cumulative sales achieved as at Oct 31, 2017 rising to RM7.71bil and for the new financial year, it is targetting RM2bil sales, excluding sales from its new joint venture with Be Living.Announcing its results and outlook on Friday, EWI said the RM7.71bil cumulative sales were RM2.42bill higher than the cumulative sales as at Oct 31, 2016 of RM5.29bil. The group’s share of unbilled sales increased by RM1.68bil to RM5.85bil as at Oct 31, 2017.During the financial year under review, the group achieved RM2bil sales with its projects in London contributing RM1.69bil while those in Australia generated RM315mil.EWI said sales in the UK were steady with continuing interest in all three ongoing projects despite Brexit uncertainties.The group’s various local and international roadshows to promote these projects enabled the group to record sales of RM309mil in the fourth quarter of FY17, indicating the underlying strength of the London residential market.However, in Australia, sales were lower than expected which contributed towards the group's FY17 sales falling below the target of RM2.5bil.EWI explained this was largely because local Australian home buyers, who are the main target customers for the Yarra One project, tend to buy closer to Melbourne’s most sought-after suburbs.“Nevertheless, given the positive response the development has received and its location in one of confident that sales will pick-up as construction works progress. The attractive stamp duty incentives recently introduced by the state government to assist local home buyers, which took effect from July 1, 2017, will also help boost local sales.On the outlook for FY18, EWI targets to achieve RM2bil sales (excluding sales from its new joint venture with Be Living).It said that upon completion of the acquisition of its 70% equity stake in Be Living’s residential development business and the new project in Macquarie Park, the group will have nine projects in the UK (with the possibility of adding on another six sites from the Be Living Stage 2 acquisitions) and three projects in Australia.“This augurs well for its future growth prospects and the long-term viability of its business model as an international developer with a strong local presence in each of its target markets,” it said.

Source:The Star

December 15, 2017 04:42 UTC