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E & O post pre-tax profit of RM17.56mln

KUALA LUMPUR: Eastern & Oriental Bhd (E & O) posted revenue and pre-tax profit of RM46.31 million and RM17.56 million respectively for its first quarter (1Q) ended June 30, 2010.

In the same period last year, E & O posted revenue and pre-tax profit of RM73.915 million and RM9.498 million respectively.

The higher revenue generated were mainly contributed by the property division from the sale of a piece of land held for property development and sale of completed units in Dua Residency, it said on Tuesday, Aug 24.

Meanwhile, the better results were attributed to the improved budget control in certain development projects near completion and increase in the group's share of profit in its jointly controlled entities and associates.

The St. Mary Residences and the on-going Villas by-the-sea bungalows in Penang have achieved revenue totaling RM24.979 million (last year's comparative quarter - RM3.863 million), which was not included in the group consolidated revenue.

With the return of positive sentiments in the property market, it expects its projects such as St. Mary Residences in Kuala Lumpur, Quayside condominiums at Seri Tanjung Pinang and existing developments in Penang to contribute positively to the group's earnings.
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