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Thursday, August 26, 2010

E&O profit up on property arm

An artist’s impression of Straits Quay at Seri Tanjung Pinang

PETALING JAYA: Eastern & Oriental Bhd (E&O) net profit for the first quarter ended June 30 rose 103% to RM10.2mil from RM5.1mil in the same period last year, driven mainly by its property development arm.

However, its revenue for the quarter was 37% lower at RM46.3mil compared with RM73.9mil a year ago.

In a statement, executive director Eric Chan Kok Leong said the results were largely attributable to profit recognition of its St Mary Residences project in Kuala Lumpur and Villas-by-the-Sea at Seri Tanjung Pinang.

He said an upcoming highlight for E&O would be the launch in November of Straits Quay, which would be Penang’s first seafront retail marina.

This 12-acre retail centre and commercial enclave will be built around a marina at E&O’s masterplanned seafront development of Seri Tanjung Pinang.

Malaysia’s iconic pewter brand Royal Selangor has yesterday announced its plan to set up a Royal Selangor Visitor Centre at the Straits Quay retail marina in December.

“E&O has successfully built its brand locally in the past five years to be on par with even some international names,” Chan said.

“The group is confident that it is timely to take the brand to the next level, to the regional and global arena, and is open to strategic opportunities to leapfrog this process.”

By The Star

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