EcoWorld gets thumbs up despite drop in profit

EcoWorld gets thumbs up despite drop in profit FMTNews FMTBusiness

PETALING JAYA: EcoWorld Development Group Bhd has retained the confidence of analysts despite posting a 10% year-on-year decline in its first quarter profit for the 2023 financial year .

EcoWorld Development announced that a fall off in construction earnings as projects were completed had reduced its profit for the quarter to RM 57 million. MIDF said EcoWorld’s earnings were slightly below expectations. However it felt that net profit was also below expectation, contrary to the consensus that it was expected.MIDF said the slower progress in billing and the slow work progress at construction sites during the Chinese New Year period had caused the group’s profit to dip slight.

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