E&O makes RM49mil profit in fourth quarter

PETALING JAYA: Property developer Eastern & Oriental Bhd (E&O) made a net profit of RM49.4mil in its last quarter ended March 31, lifting its full-year earnings to RM87.6mil.

The group is proposing a final dividend payout of three sen a share.

“For the current year, we are expecting property sales to remain weak,” it said in a filing with Bursa Malaysia yesterday.

“We continue to be cautious on our launches, while the take-up rate of our remaining landed properties in Seri Tanjung Pinang (STP) is encouraging due to our sought-after location and limited supply,” it added.

The group achieved a revenue of RM704.8mil for the financial year ended March 31, 2017 compared with RM422.2mil previously.

The increase in revenue was mainly due to the property segment, which registered an increase of RM291.2mil and contributed to an increase in operating profit of RM91.5mil, it said.

“Going forward, we will monitor market conditions to time our future launches of suitable types of development units,” it said.

Meanwhile, in a separate statement to Bursa Malaysia, E&O said it had appointed Kerjaya Prospek Group Bhd executive chairman Datuk Tee Eng Ho as a director.