E&O managing director Kok Tuck Cheong
KUALA LUMPUR: Eastern & Oriental Bhd
anticipates continues sales momentum as its first waterfront high-rise residential project on Andaman Island is on schedule to launch by the year-end.
The property developer said it is confident in its offerings, with sales of The Lume, the first high-rise development on the island, receiving an encouraging response.
Meanwhile, the group said it expects an increase in hospitality revenue driven by the festive season.
"For Q2FY25, our average occupancy rates and room prices remained stable, with modest growth observed in E&O Residences," it added.
In the second quarter ended Sept 30, 2024 (2QFY25), E&O posted a net profit of RM30.39mil, up from RM29.73mil in the year-ago quarter, which represents an earnings per share of 1.46 sen against 1.83 sen previously.
Revenue in the quarter under review was RM171.03mil, up from RM123.86mil.
In the six-month period, E&O's net profit rose to RM67.91mil from RM62.69mil in 1HFY25, while revenue jumped to RM336.68mil from RM209.28mil previously.
E&O declared a special dividend of one sen per share, with ex-date on Dec 10, 2024, and payment date on Dec 18, 2024.
