Ewein posts record profit in 3Q on contribution from property development segment

TheEdge Fri, Nov 30, 2018 05:51pm - 5 years View Original


KUALA LUMPUR (Nov 30): Ewein Bhd posted a record net profit of RM12.28 million in the third quarter ended Sept 30, 2018 (3QFY18), surging 2.46 times from RM4.99 million a year ago.

In a statement today, Ewein attributed the group's impressive growth to contributions from its property development segment, which saw more property units sold, higher percentage of completion and faster construction progress compared with last year.

As a result, earnings per share also rose to 4.07 sen for 3QFY18 compared with 1.84 sen for 3QFY17.

Quarterly revenue doubled to RM60.56 million from RM29.11 million a year ago.

The strong quarterly performance lifted the group's net profit for the cumulative nine months (9MFY18) to RM35.96 million, up 238.2% from RM10.64 million a year ago, while revenue doubled to RM160.06 million from RM76.34 million in 9MFY17.

In a separate filing with Bursa Malaysia today, Ewein said its deputy chairman Datuk Ewe Swee Kheng has been redesignated as president and group managing director.

"We are thrilled with the financial performance of Ewein in the first three quarters of 2018 and remain optimistic on the performance of the remaining last quarter. We will see the group achieving a record high annual revenue and profit for the entire FY18," said Ewe.

"This will mainly be fuelled by the revenue contribution from Ewein's City of Dreams development," he added.

Currently, the group is constructing its maiden property development project in Penang known as "City of Dreams", which has a gross development value of RM800 million. Construction is expected to be completed by the end of 2019.

Ewein shares closed down 3.5 sen or 5.6% at 59 sen today, with 5.02 million shares done, bringing a market capitalisation of RM176.55 million.

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