PETALING JAYA: Eastern & Oriental Bhd (E&O) intends to launch more projects in Penang in the near future, spurred by strong response to the group’s “The Meg” development.
In a filing with Bursa Malaysia yesterday, the property developer said the high take up rate achieved of more than 80% for The Meg since it started previewing in January 2022, reflected the strategic location of Andaman Island.
“Penang and our ability to deliver the right product for the market. This increases our conviction to launch more projects in Penang in the near future.
Additionally, E&O said its hospitality segment continues to enjoy increasing occupancy rates and average room rates, in light of the robust tourism sector in Malaysia and the UK.
For its second quarter ended Sept 30, 2022, E&O reported a net profit of RM16,000, compared with a net loss of RM13.99mil in the previous corresponding period.,
Revenue in the second quarter rose to RM95.02mil compared with RM33.88mil a year earlier.
The company reported zero earnings per share, compared with a loss per share of 0.98 sen a year earlier.
For the six-months period ended Sept 30, 2022, E&O’s net loss shrank to RM1.63mil compared with a net loss of RM23.09mil in the previous corresponding period, while revenue grew to RM171.57mil from RM60.41mil a year earlier.
E&O said the properties segment recorded revenue of RM128.9mil in the financial period ended Sept 30, 2022, as compared to RM55.5mil in the previous financial period ended Sept 30, 2021, representing an increase of RM73.4mil or 132.3%. “The increased revenue was mainly due to higher revenue recognition from the land reclamation of Seri Tanjung Pinang 2A and the on-going project, The Meg, in the current financial period.” E&O said joint venture (JV) projects, namely Conlay, The Peak and Avira Garden Terraces, contributed a total revenue of RM38.5mil in the financial period ended Sept 30, 2022, as compared to revenue of RM11.1mil achieved in the previous financial period.
“After incorporating revenue recognised from JV projects, the group's properties segment recorded an aggregate revenue of RM167.4mil in the financial period ended Sept 30, 2022 as compared to an aggregate revenue of RM66.6mil in the previous corresponding period.” The group added that its properties segment recorded operating profit of RM50.4mil for the current financial period as compared to operating profit of RM29.4mil a year earlier.
“This represented an increase of RM21mil, mainly due to higher revenue recognised.” Separately, E&O said its hospitality segment recorded revenue of RM40.9mil for the financial period ended Sept 30, 2022, compared to RM4.1mil previously.
“This marked an increase of RM36.8mil or 897.6%. The increase in revenue mainly due to the uplifting of the travel restrictions for local and international tourists in the current financial period. In addition, E&O Residences was reopened in January 2022.”,
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