Eco World International rises 2.88% as 2Q losses narrow

KUALA LUMPUR (June 16): Eco World International Bhd (EWI) shares rose 2.88% in early trade this morning after the company posted a narrower net loss of RM24.82 million in 2QFY17, compared with RM60.82 million a year earlier.

At 9.03am, EWI rose 3 sen to RM1.07 with 1.35 million shares traded.

Meanwhile, 1HFY17 net loss narrowed to RM30.88 million from a net loss of RM118.63 million a year earlier.

Sales in 1HFY17 totalled to RM1.05 billion.

EWI said that as at May 31, total sales secured in FY17 amounted to RM1.13 billion, bringing its total cumulative sales from its existing four projects to RM6.73 billion.

The group revealed it sales target of RM2.5 billion for FY17.

EWI president and CEO Datuk Teow Leong Seng attributed the sales to its “well-balanced buyer profile and the fundamental attractiveness” of its various projects in the UK and Australia. — theedgemarkets.com

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