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KUALA LUMPUR: Eco World International Bhd (EWI) is on track to achieve its sales target of RM2bil for the financial year ending Oct 31, 2022 (FY22).

In a statement yesterday, the property developer said total sales plus reserves for the seven months period ended May 31, 2022 added up to RM1.53bil, which is 52% more than RM1.01bil recorded in the same period of FY21.

“Embassy Gardens and London City Island continue to be the biggest contributors to sales and reservations, generating RM549mil and RM304mil respectively.

“EW-Ballymore, the Group’s first joint-venture in the UK, fully paid down its bank loans in April 2022 and was able to commence its maiden repayment of shareholder loans to EWI in May 2022.”

EWI said EW-Ballymore currently has about £400mil (RM2.14bil) worth of completed properties, which are readily monetisable for further distributions to the company.

“Given the present market conditions and that EW-Ballymore projects are at the tail-end of completion, the board has taken a prudent stand to recognise an impairment of RM36mil on its investment in the EW-Ballymore portfolio based on current estimated selling prices for the remaining completed stock.”

EWI said this contributed to a pre-tax loss of RM66.53mil in the second quarter of 2022, as compared to a pre-tax profit of RM18.52mil reported for the second quarter of 2021.

“The pre-tax loss is also due to fewer handovers of properties sold to customers in the current quarter, as the majority of units sold had been handed over in the last financial year,” said EWI.

It added that gross and net gearing levels of the group remain low at 0.30-times and 0.23-times, respectively.