Property segment boost for E&O’s quarterly net profit

PETALING JAYA: Eastern & Oriental Bhd’s (E&O) net profit increased 6.5-fold to RM21.24mil for the first quarter of the financial year ending March 31, 2018 from RM3.24mil in the corresponding period last year.

The lifestyle property developer attributed its earnings growth to its property segment, which witnessed higher revenue recognition from ongoing projects namely The Tamarind, the Amaris Terraces and the Ariza Seafront Terrace in Seri Tanjung Pinang (STP), Penang as well as an increase in the sale of completed properties.