E&O Profit After Tax Soars 134 Pct To RM90.9 Million

 

KUALA LUMPUR, Sept 19  Eastern & Oriental Bhd’s (E&O) profit after tax (PAT) surged 134 per cent to RM90.9 million for financial year ended March 31, 2017 (FY17) from RM38.8 million a year ago.

Revenue jumped 66.9 per cent to RM704.8 million from RM422.2 million previously.

In a statement today, the company said the higher revenue recognition was from E&O’s ongoing projects at Seri Tanjung Pinang (STP) namely The Tamarind, Amaris Terraces and Andorra Skyloft Terraces, as well as, the Princes House project in London which was completed in FY17.

It said in FY17, sale of properties amounted to RM380.7 million with another RM840.6 million in unbilled sales locked in but which would be recognised progressively over the next two financial years.

The group’s positive trajectory was further reflected by its earnings report as it commenced the new financial year (FY18), with first-quarter pre-tax profit more than tripled to RM34.8 million from RM10.6 million in the same period previously, it said…..

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