E&O posts RM49.4m net profit in Q4

PETALING JAYA: Eastern & Oriental Bhd (E&O) returned to the black registering a net profit of RM49.44 million for the fourth quarter ended March 31, 2017 against a net loss of RM14.4 million in the same period a year ago, driven by higher property sales.
Revenue soared 45.9% from RM150 million to RM218.86 million. E&O has proposed to declare its first dividend of 3 sen per share.
The property developer told Bursa Malaysia that it expects property sales to remain weak for 2017.
“We continue to be cautious in our launches while take-up rate of our remaining landed properties in STP (Seri Tanjung Pinang) is encouraging due to our sought after location and limited supply,” E&O said.
E&O’s full-year net profit more than doubled to RM87.58 million from RM37.19 million, while revenue came in at RM704.76 million, 66.9% higher than the RM422.18 million achieved last year.