Eco World Development's shares rise on higher Q3 earnings

PETALING JAYA: Eco World Development Group Bhd’s share price rose as much as 6 sen this morning after it reported a 47.6% jump in earnings in the third quarter ended July 31, 2018.
The stock rose 5.08% or 6 sen to trade at a high of RM1.24, from its last adjusted closing price of RM1.18. At 11.19am, the stock was 2.54% or 3 sen higher at RM1.21 with 374,200 shares traded.
During the quarter, the group’s net profit rose 47.6% to RM38.5 million from RM26.1 million a year ago due to revenue and profit recognition by all of its joint venture projects as well as lower selling, marketing and administrative expenses.
Revenue for the quarter fell 35.8% to RM490 million from RM762.9 million a year ago due to completion of major projects.