E&O boosts profit by over five times

Artist impression of the Tamarind second tower project in Seri Tanjung Pinang

PETALING JAYA: Eastern & Oriental Bhd’s (E&O) second quarter net profit to end-September has risen more than five times to RM19.68mil from RM3.83mil in the same period a year ago.

Revenue also rose in tandem to RM195.88mil from RM79.28mil previously, while earnings per share rose to 1.49 sen from 0.30 sen.

The company said in the notes accompanying its financial statements that the improved revenue position was mainly due to higher revenue recognition from the ongoing projects of The Tamarind, the Amaris Terraces and the Ariza Seafront Terrace in Seri Tanjung Pinang.

“Higher sales of completed properties such as the Andaman condominiums in Seri Tanjung Pinang, Penang and Princes House in London also contributed to higher revenue recognition,” it said.

“We hope to sustain this performance by enhancing our sales initiatives as well as through prudent management of our financial position,” said managing director Kok Tuck Cheong.