E&O’s 1Q earning falls 33%

by TMR

Eastern & Oriental Bhd’s (E&O) net profit for the first quarter (1Q) ended June 30, 2018 declined 33.52% year-on-year (YoY) to RM14.12 million due to unrealised foreign exchange losses of RM8.88 million in the investments and others segment and share of losses of joint ventures of RM5.12 million.
 
Revenue for the quarter increased 15.31% YoY to RM200 million as its property segment registered an increase of RM30.26 million and contributed to an increase in operating profit of RM9.90 million.
 
In an exchange filing yesterday, the developer noted it projects to launch two signature developments in Kuala Lumpur this year or 2019.
 
“With the impending launches, we are well positioned to capitalise on opportunities when the overall market uptrend crystalises. This means that we continuously review the value proposition of our products and marketing strategies whilst maintaining a pulse on the evolving market,” it noted.