Ewein registers losses in Q4 due to property development division

PETALING JAYA: Ewein Bhd fell into the red in the fourth quarter ended December 31,2017 with a net loss of RM1.32 million, compared with a net profit of RM1.28 million a year ago, due to losses from its property development division.
Revenue for the quarter under review grew by 127.52% to RM17.48 million from RM7.68 million, with higher contribution mainly from its manufacturing segment.
Its board of directors displayed a cautiously optimistic sentiment on the property development segment on the back of improving market conditions while maintaining that its new investment in the e-commerce segment is consistent with its strategy to generate diversified sources of revenue from different sectors.
The board is positive on the manufacturing and Investment holding, property management and letting segments.
The group’s full year net profit stood at RM9.31 million, 19.09% lower than the RM9.31 million recorded in the previous year due to lower contributions from the property development segment.
Meanwhile, its revenue grew to RM93.82 million in the year under review from RM74.76 million in the previous year.
Ewein's share price fell 1.24% to 40 sen with some 235,700 shares done.