PETALING JAYA: Eastern & Oriental Bhd
(E&O) is said to be finalising its future project offerings in the coming months and target to have the next launch of landed houses by year-end.
This is following the groups’ second project launch on the Andaman Island phase one in March 2023, Arica, which received encouraging response from home buyers with a total of 380 units sold.
“We are encouraged by the enthusiastic response of buyers, an indication of our superior product offering at affordable pricing,” E&O said in a filing with Bursa Malaysia yesterday.
The developer posted a 15% year-on-year (y-o-y) rise in revenue to RM65.3mil for its fourth quarter ended March 31 (4Q23), but earnings fell 80% y-o-y to RM16.1mil or an earnings per share of 1.1 sen.
E&O said the drop in revenue was due to the 4Q22 revenue that had recognised income from land reclamation activities.
The groups’ pre-tax profit for the quarter dropped to RM13mil from RM32.5mil in 4Q22 due to the written down of property development costs of RM135.3mil.
“This was offset with favourable unrealised foreign exchange gain of RM19.1mil, reversal of impairment on rights-of-use assets of RM3.2mil and fair value gain on investment properties of RM112.4mil in the current quarter,” it said.
For the full year, E&O recorded a revenue of RM318.1mil, which was an increase of 126.4% y-o-y, mainly attributable to the property segment which registered an increased revenue of RM110.5mil and the hospitality segment with a RM64.9mil rise.
E&O said the uptrend in its hospitality segment was supported by the demand for ballroom rental services and event spaces as well as food and beverage offerings.
The group said its higher revenue for the year was also due to the recognition from the sale of one of its properties on Andaman Island phase one, The Meg, which has been fully sold.
Net profit for the full year fell 30% y-o-y to RM44.5mil or earning per share of 3.06 sen.
