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E&O earnings up 175%

KUALA LUMPUR (May 29): Eastern & Oriental Bhd's (E&O) 4Q net profit ended March 31 rose 174.9% to RM54.73 million compared with RM19.9 million a year ago. Revenue grew 78.4% to RM210.6 million from RM118.1 million previously.

This brings the group's full-year net profit to RM123.5 million, up 283.27% from the previous year's RM32.2 million while revenue jumped 81.43% to RM492.2 million.

The increase in revenue was mainly due to higher recognition of progress billing, reflecting better sales for both existing and new property development projects, coupled with steady development progress.

This story appeared in The Edge Financial Daily on May 29, 2012.

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