E&O: Q107 result

Good quarterly result posted by E&O ..

The Edge

KUALA LUMPUR: Eastern & Oriental Bhd (E&O) posted a 50.21% rise in net profit to RM15.24 million for the first quarter (1Q) ended June 30, 2007 from RM10.14 million a year earlier mainly from the contribution of its on-going projects.

Its revenue also rose by almost 50% to RM171.49 million. Earnings per share was 2.97 sen.

Announcing its 1Q results yesterday, E&O said the improved results were mainly due to the higher revenue from its on-going property development projects including Dua Residency, Idamansara and Seri Tanjung Pinang.

It said revenue generated by the hotel division had improved by 19.5% compared to the previous corresponding quarter.

Meanwhile, E & O Property Development Bhd's net profit for the 1Q ended June 30, 2007 jumped 75% to RM35.49 million from RM20.35 million on a 50.58% increase in revenue to RM163.98.
Earnings per share was 5.42 sen.

The company said that the better earnings reflected significantly higher contributions from its property division on the back of higher profit margin.