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Eco World Development posts lower Q4 earnings on inventory writedowns 17 Dec 2020 / 22:41 H.
PETALING JAYA: Eco World Development Group Bhd’s net profit slid 18.4% to RM66.46 million for its fourth quarter ended Oct 31 against RM81.46 million reported in the same quarter of last year attributed to a RM33 million writedown of inventories during the quarter following a detailed review of residual unsold stock within phases that have been handed over.
Revenue for the period stood at RM635.47 million, a 29.9% tumble from RM906.54 million reported previously.
According to its Bursa disclosure, the group saw a 32% decrease in finance costs for the quarter due to loan repayments and lower interest rates on floating rate loans, arising from the reduction in the Overnight Policy Rates by Bank Negara Malaysia.