The group posted a net loss of RM67.35 million for the second quarter ended April 30, 2022 (Q2 2022) from a net profit of RM11.30 million in the same quarter a year ago.

Maybank Investment Bank (Maybank IB) Bhd said EWI is on track to meet its RM2 billion sales target after securing new property sales of RM1.14 billion in the seven months of its financial year 2022 (7M FY22), accounting for 57% of its sales goal of FY 2022.

“Most of the sales were generated from its London City Island and Embassy Gardens projects. As at May 2022, it has RM391 million worth of bookings in hand,” it said.

CGS-CIMB reckons that the group’s FY2022 new property sales target is achievable, albeit at the expense of margins, given that the group is accelerating its cash recoupment via the sale of its completed units through attractive incentive packages.

“There is no update on new build-to-rent projects at the moment, as the group is relooking at its viability, given the rise in construction costs,” it said.

At 11.40 am, EWI shares stayed flat at 67.5 sen, with 464,400 shares changing hands.