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Tuesday, May 29, 2012

E&O Q4 net profit triples

E& Quayside project in Seri Tanjung Pinang

PETALING JAYA: Eastern & Oriental Bhd (E&O) saw its net profit for the fourth quarter of its financial year ended March 31 more than triple to RM42.37mil from the RM13.73mil registered in the corresponding period last year.

The niche property developer said its encouraging earnings growth was mainly attributable to strong sales and higher revenue recognition as well as cost control initiatives.

E&O raked in a revenue of RM210.57mil for the quarter, up 78% from RM118.06mil a year earlier. Earnings per share (EPS) improved to 3.84 sen from 1.29 sen previously.

The company has proposed a final dividend of 4.25 sen per share, an improvement from the two sen it paid out in FY11.

On a cumulative basis, E&O’s net profit stood at RM123.46mil for FY12, almost quadruple from the RM32.21mil it registered for FY11. Revenue for FY12 rose about 81% to RM492.17mil from RM271.27mil in FY11.

EPS for FY12 improved to 11.29 sen from 3.04 sen in FY11.

In a statement, E&O said sales for the period under review stood at RM786.78mil, while unbilled sales were close to RM1bil as at March 31. Key contributors to sales included E&O’s landmark Quayside Seafront Resort Condominiums at Seri Tanjung Pinang, Penang, launched in 2010 and currently close to 90% sold.

By The Star

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