KUALA LUMPUR: Eastern & Oriental Bhd (E&O) recorded a drop of 56% in net profit to RM5.085 million from RM11.511 million a year ago for its second quarter (2Q) financial results ended Sept 30, 2010, the group announced on Monday Nov 29.

Revenue for the same period dropped by 43% to RM65.814 million from RM114.759 million a year ago.

KUALA LUMPUR: Bina Goodyear Bhd achieved net profit of RM291,000 from a net loss of RM6.067 million a year ago for its first quarter (1Q) financial results ended Sept 30, 2010, the group announced on Monday, Nov 29. Revenue dropped by 37% to RM62.746 million from RM99.592 million the previous year.

KUALA LUMPUR: Ekovest Bhd recorded a drop in net profit for its first quarter (1Q) financial results ended Sept 30, 2010 of 52% to RM1.005 million from RM2.094 million a year ago, the group announced to Bursa Malaysia on Monday Nov 29.

Revenue earned during this same period dropped by 60% to RM21.255 million from RM52.918 million the previous year.

KUALA LUMPUR: Mah Sing Group Bhd recorded a 26% year-on-year increase in profit after tax and minority interest (PATMI) for 3Q2010 with nearly RM30 million, the Groups said in a press release on Monday, Nov 29. Revenue earned in the same quarter was about RM283 million.

KUALA LUMPUR: UBG Bhd achieved a net profit hike of 88.7% to RM13.831 million from RM7.329 million a year ago for its third quarter (3Q) results ended Sept 30, 2010, the group announced on Monday Nov 29. Revenue earned during the same period increased by 1.92% to RM257.657 million from RM252.794 million a year ago.

LONDON: Despite the gloomy prognosis on the prospects ahead for the UK residential market, there is a growing acknowledgement that prime London real estate bears little correlation with the rest of the UK. Rather, these are two markets subject to different forces and any idea of a "ripple effect" is outmoded.

LONDON: Guoson Centre, the flagship project of GuocoLand (China) Limited (GLC) has won "Best International Mixed-use Development" at the International Property Awards in association with Bloomberg Television 2010.

SYDNEY: Lower sales of new homes in Australia over the last three months to October, combined with other important housing indicators, are foreshadowing a housebuilding downturn next year, said the Housing Industry Association (HIA) on a statement on Monday, Nov 29.

1) Market capitalisation
Winner: UEM Land-Sunrise
Market size is important to attract investor interest, particularly given Malaysia's two-tier market where institutional funds are heavily drawn to larger stocks and the FBM KLCI is currently bereft of property representation.

THE merger between Malaysian Resources Corp Bhd (MRCB) and IJM Land Bhd is expected to create the country's second-largest property company with a market capitalisation of over RM7 billion and landbank of more than 9,000 acres.