Eco World reported net profit for Q3 is RM35.15 million. Positive or negative?

Eco World Results

Article in nst.com.my   Eco World Development Group Bhd’s net profit eased 1.9 per cent year-on-year (YoY) in the third quarter (Q3) ended July 31, 2021, to RM35.15 million from RM35.83 million recorded previously.

Its Q3 revenue decreased 6.1 per cent YoY to RM448.91 million from RM477.87 million mainly due to more completed or near-completed properties being sold during the period.

For the first nine month period, Eco World Development’s net profit soared 59.2 per cent YoY to RM139.90 million from RM87.88 million, while revenue rose 1.47 per cent to RM1.38 billion from RM1.36 billion.

It said, “The reopening of its sales galleries, subject to strict standard operating procedures (SOPs) and regular Covid-19 self-testing to ensure the safety of both visitors and staff members and enable Eco World Malaysia to proceed with plans for the launch of several new phases before the end of the year.”

“Moving ahead, Malaysia’s rapid vaccination rate has placed the country on track to achieve the targeted 60 per cent immunisation rate by the end of September 2021 which should enable the reopening of nearly all economic sectors based on the government’s National Recovery Plan.” Please do read the full article for even more insights here: Article in nst.com.my