E&O's net profit rises to RM34.44mil in 3Q

KUALA LUMPUR: Eastern & Oriental Bhd (E&O) said it is encouraged by its recent performance and expects the momentum to persist in the coming quarter.

"We are pleased to announce that E&O continued its revenue growth trajectory and has exceeded our property sales target," said managing director Kok Tuck Cheong.

"In the coming months, we have plans to design and launch a range of curated product offerings catering to market expectations," he added.

In the third quarter ended Dec 31, 2023, E&O registered a net profit of RM34.44mil, up from RM30.09mil in the year-ago quarter, for an earnings per share of 1.88 sen against 2.07 sen.

The group's revenue rose to RM92.23mil in 3QFY24 from RM81.2mil in 3QFY23, on the back of higher recognition of ongoing projects as well as encouraging new property sales.

Meanwhile, the group's nine-month net profit came to RM97.13mil, more than three times net profit of RM28.45mil recorded in the same period in FY23.

It said the surge was primarily due to the higher revenue recognition during the period under review and the unrealised foreign exchange gain of RM37.8mil, in comparison to the unrealised foreign exchange loss of RM26.7mil in the previous corresponding financial period.

Revenue during the period rose to RM301.5mil from RM252.77mil in the year-ago period, with the property and hospitality segments being the growth drivers.

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E&O , property , hospitality


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