E&O posts Q3 net profit of RM18.8mil

KUALA LUMPUR: Eastern and Oriental Bhd (E&O) posted a net profit of RM18.76mil for the third quarter ended Dec 31,2019, from a net loss of RM8.76mil in the same period the previous year.

In a filing with Bursa Malaysia, E&O said revenue fell to RM119.2mil from RM256.9mil, mainly attributable to the property segment.

“With the property market remaining subdued, we are expecting slower property sales in the near term from both the local and foreign markets.

“Our Eastern & Oriental Hotel now has more diverse and complete offerings with the completion of the newly refurbished rooms and facilities of the heritage wing in December 2019, ” it said, adding that the recent Covid-19 outbreak has adversely impacted its business.

Meanwhile, in a separate statement, managing director Kok Tuck Cheong said sales and marketing efforts are focused on the Conlay serviced residences centrally located in Kuala Lumpur.

“This iconic project with a gross development value of RM968mil marks its second joint venture residential development with Japan’s largest real estate developer, Mitsui Fudosan Group (Mitsui).

“We are currently reviewing the first phase of 297 units and have garnered interest from both the local and international market, ” he added. — Bernama

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