KUALA LUMPUR: Eastern & Oriental Bhd
(E&O) is expecting more interest in Andaman Island when the Gurney Bridge connecting Gurney Drive to island is completed next year, improving accessibility, said managing director Kok Tuck Cheong.
In a statement, he added that the property developer will soon be unveiling its next project, the Lume, which will be a low-density 261 unit residential condominium on Andaman Island.
This comes on the back of more than 90% take-up rate for the Senna and Fera landed homes since January 2024.
In the fourth financial quarter ended March 31, 2024, E&O posted a net profit of RM36.48mil, which was more than double the net profit of RM16.09mil in the year-ago quarter.
The group's earnings per share rose to 1.87 sen from 1.1 sen previously.
Revenue jumped to RM121.33mil from RM65.3mil in the comparative quarter.
Over the full financial year, the group's net profit was RM133.61mil compared to RM44.54mil in FY23 while revenue climbed to RM422.83mil against RM318.07mil in the previous year.
According to the E&O, the properties segment reported a 41% increase in revenue to RM312.1mil for FY24.
The increase was largely contributed by progressive revenue recognition from the ongoing projects, The Meg and Arica at Andaman Island.
The hospitality segment's revenue increase was attributed to both higher average room rate and occupancy rate in FY24.
E&O also registered an unrealised forex gain of RM52.4mil in FY24 in contrast to a loss of RM7.6mil in FY23, due to the stronger pound sterling in FY24.
