Eco World Development Group Berhad reported unaudited consolidated financial results for the third quarter and nine months ended July 31, 2016. For the quarter, revenue was MYR 727,336,000 against MYR 454,277,000 for the same period of last year. Profit before tax was MYR 66,756,000 against MYR 15,733,000 for the same period of last year. Profit net of tax attributable to owners of the company was MYR 44,580,000 against MYR 9,393,000 for the same period of last year. Diluted earnings per share were 1.89 sen against 0.41 sen for the same period of last year. The continued strong surge in revenue and profit in the current quarter reflects the high cumulative sales totalling MYR 6.2 billion achieved by the Group over the last two financial years as well as sales secured in the current financial period.

For the nine months, revenue was MYR 1,805,449,000 against MYR 1,030,126,000 for the same period of last year. Profit before tax was MYR 149,789,000 against MYR 39,040,000 for the same period of last year. Profit net of tax attributable to owners of the company was MYR 99,927,000 against MYR 24,259,000 for the same period of last year. Diluted earnings per share were 14.23 sen against 1.70 sen for the same period of last year. Net cash used in operating activities was MYR 62,123,000 against inflow of MYR 102,719,000 for the same period of last year. Purchase of property, plant and equipment and investment properties was MYR 24,612,000 against MYR 64,102,000 for the same period of last year. The results for the current period-to-date reflect 9 months of income recognition as opposed to 7 months for the projects acquired pursuant to the agreements for the acquisition of development rights which only become unconditional on 8 January 2015.

The company announced that its fiscal 2016 sales target of MYR 4 billion was set based on expected sales from projects under the EcoWorld brand name, i.e. the Group's projects in Malaysia (including BBCC) and those undertaken by EWI. In respect of BBCC and EWI, the Group's proportionate share of sales from its 40% stake in BBCC and proposed stake of up to 30% in EWI are included in the target. Barring unforeseen circumstances, the Group is on track to achieve this sales target based on the high level of locked-in sales achieved up to August 31, 2016. In the ensuing months of fiscal 2016, sales are expected to be further boosted by the recent launches of Eco Ardence, Eco Grandeur, EBP II and Eco Bloom @ EcoMeadows as well as the imminent launch of BBCC.