KUALA LUMPUR (Dec 15): Eco World International Bhd expects to report profit in current financial year ending Oct 31, 2018 (FY18), as the property developer realises income from completed projects abroad.

Eco World International executive vice chairman Tan Sri Liew Kee Sin said property development profit in Australia and the UK can only be realised upon project completion. 

"We have RM7.71 billion sales up to FY17, but we have not recognised one sen yet. So from our results, it shows we are making 'so-called losses' but the units are all sold and it is under construction.

"So next year (FY18) would be our first year that we recognise (profit). So don't be surprised with the losses. It is because of different accounting laws," Liew said at a media briefing here on the group's FY17 results.

Eco World International told Bursa Malaysia today that net loss narrowed to RM32.56 million in the fourth quarter ended Oct 31, 2017 (4QFY17), from a net loss of RM55.06 million a year earlier.

Full-year net loss stood at RM87.63 million versus a net loss of RM220.09 million a year earlier.