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.
TOP PICKS BY EDGEPROP
2.5Sty 20x80 Taman Gembira Teluk Pulai Melawis
100%Loan Modern design 1 sty Kampung Jawa Klang
DOUBLE STOREY HOUSE FOR SALE AT BUKIT RAJA, KLANG
Welcome Investor, Confirm Rental Beside Famous Uni
Ready Tenant, Confirm Rental Get Up To Rm3000
Invest Dual Key Unit GRR 9 years RM280k
105%Loan 2 Storey Taman Saujana Jati Andalas Klang
Semi D Duta Suria Residency Ampang 3.5 Storey Corn