E&O second quarter profit down in absence of land sale gain

PETALING JAYA: Eastern & Oriental Bhd’s (E&O) net profit for the second quarter ended Sept 30, 2016 fell 84% to RM3.83 million from RM24.45 million a year ago, due to the absence of a gain from the sale of a piece of land from an associate in the previous corresponding financial period.
Revenue fell 7.5% to RM79.28 million from RM85.71 million in the same quarter last year.
For the six months period, E&O’s net profit decreased 85% to RM7.07 million from RM47.71 million a year ago.
This was due to lower contribution from the share of results of an associate of RM100,000 in the current six-month financial period compared with a share of profit of RM20.92 million in the previous corresponding financial period following the sale of a piece of land.

The results were further dampened by an unrealised foreign exchange loss of RM15.25 million against an unrealised foreign exchange gain of RM47.64 million in the six-month financial period ended Sept 30, 2015.

Revenue rose 56.91% to RM242.59 million from RM154.60 million, due mainly to the property segment.