Eastern & Oriental Bhd’s (E&O) profit after tax (PAT) rose by 11.9% to RM35.2 million in third quarter results for the financial year ending 31 March 2024 (Q3FYE2024) compared to the same quarter last year (Q3FYE2023) RM31.5 million.
In a statement for Q3FYE2024 results announcements, the premier lifestyle property developer said it for the quarter under review, it recorded a revenue of RM92.2 million, up 13.6% from RM81.2 million in the corresponding quarter last year.
“This is due to the higher revenue recognition of its on-going projects, as well as encouraging sales of new properties. In addition, the hospitality segment’s stronger performance was attributed to higher average room rate and occupancy rate,” it said today.
For the cumulative nine-month financial period ended 31 December 2023 (9MFYE2024), the group delivered a PAT of RM103.5 million, an increase by 195.6% against 9MFYE2023’s RM35 million.
“The surge was primarily due to the higher revenue recognition during the period under review and the unrealised foreign exchange gain of
RM37.8 million, in comparison to the unrealised foreign exchange loss of RM26.7 million in the previous year.”
E&O’s revenue had jumped by 19.3% from RM252.8 million in the corresponding period last year, to RM301.5 million.
The properties and hospitality segments were the revenue growth drivers, whereby revenue was up 20.7% to RM220.2 million and 15.1% to RM77.4 million, respectively, it added.
E&O managing director Kok Tuck Cheong expressed that the group is pleased to continue the revenue growth trajectory and has exceeded our property sales target.
He said Andaman Island Phase 1 continues to garner positive responses reflected by its strong sales performance of Arica, which achieved a 95% take-up rate within 10 months of its initial launch, along with our recently introduced landed homes on the island.
“In the coming months, we have plans to design and launch a range of curated product offerings catering to market expectations. The group’s upcoming project comprising 261 units of low-density luxury condominium is targeted for launch in the second quarter of 2024.
“The remaining reclamation work for the 507-acres Andaman Island Phase 2 is progressing steadily and is on schedule,” Kok said.
“We are encouraged by the ongoing performance and expect this momentum to persist into the next quarter,” he added.
