E&O records 67% income growth

KUALA LUMPUR: Main board-listed Eastern & Oriental Bhd (E&O) announced a robust net profit of RM75 million and recorded a strong income growth of 67% for its financial year ended March 31, 2010.

E&O’s latest financial results reflect the company’s remarkable turnaround through deliberate measures in the past 12 months.

“The group’s improved position is also attributable to its well-timed and successful launch of two landmark projects, St Mary Residences condominiums in Kuala Lumpur and Quayside Seafront Resort Condominiums in Penang,” it said in a statement on May 31.

With core businesses in property development, hospitality and property investment, the coming months would see E&O launching the subsequent towers of its sea-fronting

Quayside condominiums at Seri Tanjung Pinang, Penang.

Officially launched in February 2010, the first tower has registered a take-up of more than 60%. Other impending launches include the final phase of the Ariza seafront terraces, the first phase of which was extremely well received.

On the hospitality front, the much-anticipated re-opening of E&O’s refurbished and expanded Lone Pine Hotel at Batu Ferringhi, Penang, is targeted for November 2010. Works to expand the company’s iconic heritage 125-year old E&O Hotel are also in progress.

The year-end will also see E&O extending its brand with the scheduled launch of its festive retail marina of Straits Quay at Seri Tanjung Pinang.

As Penang’s one-and-only sea-fronting retail marina mall, Straits Quay is set to be the island’s must-visit destination and will offer a host of familiar and new retail and dining brands to Penang.