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Tuesday, November 30, 2010

E&O's unbilled property sales soar to RM605m

EASTERN & Oriental Bhd (E&O) says its unbilled property sales as at September 30 have surpassed peak levels recorded in the year ended March 2008.

E&O, listed on Bursa Malaysia's main board, locked in unbilled property sales of RM604.8 million during the period compared to RM203.7 million registered as at March 31 2008.

This was due to stronger buying sentiments in the high-end segment where it has a niche, the company said in a statement yesterday.

This helped E&O to achieve a net profit of RM17.9 million for the six-month period to September this year, matching the performance of a year ago.
E&O executive director Eric Chan said the profit from its strong unbilled sales position will provide a robust base for an enhanced future performance.

"In addition to this, the recent reopening of Lone Pine Hotel, E&O's boutique resort at Batu Ferringhi, and the upcoming launch of Straits Quay, Penang's first seafront retail mall, are expected to positively impact the group upon achieving targeted operational levels."

Chan said E&O was on a strong platform to capitalise on future growth opportunities and is expanding in all segments.

"We are set to execute a portfolio of current and near-future projects with a total GDV (gross development value) of RM4 billion," he added.

E&O is positive about its hospitality arm, spearheaded by its two heritage hotels in Penang, the E&O Hotel and Lone Pine Hotel.

The company has recently increased its stake in The Delicious Group to 100 per cent and is embarking on an expansion drive locally and regionally.

Plans are under way to strengthen the brand presence of the F&B chain, which currently operates seven outlets in Kuala Lumpur.

By Business Times

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