KUALA LUMPUR: Eco World Development Group Bhd posted a strong set of financial results for the fourth quarter and in the financial year (FY) ended Oct 31, 2016, underpinned by strong sales and steady progress from its 11 on-going projects.

The property company said on Thursday its earnings rose 49% to RM29.35mil from RM19.69mil a year ago. Its revenue rose 8.6% to RM740.98mil from RM681.93mil a year ago. Earnings per share were 1.21 sen compared with 0.83 sen.

“The group reported a profit before taxation (PBT) of RM43.4mil for 4Q 2016, which is 24.4% higher than the RM34.9mil reported for 4Q 2015.

“The increase in revenue and profit in the current quarter reflects both the strong sales achieved in current and prior years as well as the steady progress of construction works on-site with 11 of the Group’s ongoing projects now contributing towards revenue and profit recognition,” it said.

For the financial year ended Oct 31, 2016, its earnings jumped 194% to RM129.28mil from RM43.95mil. Revenue rose 48.7% to RM2.546bil from RM1.712bil.

EcoWorld said the group achieved its FY2016 sales target of RM4bil, with sales from Malaysian projects in the final quarter of FY2016 exceeding cumulative sales in the first to third quarters of the financial year.

It said this remarkable result was due to the overwhelming reception received on the EcoWorld’s Firsts Campaign which saw the launch of four projects in September 2016.

The projects are Eco Grandeur on the North-West of the Klang Valley; Eco Ardence off the NKVE in the Klang Valley; Eco Business Park II (EBP II) in Iskandar Malaysia; and Eco Bloom @ Eco Meadows in Penang.

EcoWorld said that FY2016 sales from Malaysian projects were RM3.40bil.

Sales from international projects were RM2.25bil. Its pro-forma 27% share of FY2016 sales from Eco World International’s projects was RM608.10mil.

Gross sales from Malaysian projects of RM3.82bil is 26% higher than the RM3.02bil achieved in FY2015.

“For FY2017, the Eco World targets to achieve RM4bil gross sales (i.e. 100% of the sales value) from all Malaysian development projects managed by EcoWorld (including joint-ventures).

“In addition to this, the group will be entitled to a proportionate share of international sales achieved by EWI based on the group’s proposed 27% shareholding in EW International.

“Sales from Malaysia will be contributed by Eco World’s existing 15 projects along with the proposed launch of two new projects, namely Eco Forest in Semenyih and Eco Horizon on the Penang Mainland.

“On the international front EW International’s sales will continue to be anchored by its existing four projects and post-listing EW International will also be exploring new project acquisitions to continue to grow its development presence and market reach in its countries of focus namely the UK and Australia.

“For FY2018, the group intends to maintain the same target of RM4bil gross sales from Malaysia + a 27% proportionate share of EW International sales,” it said.