E&O's Andaman Island
KUALA LUMPUR: Eastern & Oriental Bhd
(E&O), which returned to the black in the first quarter of its 2024 financial year, is anticipating an ongoing recovery in the property market as well as hotel bookings in the quarter ahead.
In the quarter under review, the lifestyle property developer said net profit was RM32.95mil, up from a net loss of RM1.65mil in the same quarter in 2022.
The group's earnings per share recovered to 2.16 sen from a loss per share of 0.11 sen.
During the quarter under review, the group posted revenue of RM85.41mil, up from RM76.56mil in the comparative quarter due to improved contribution from the properties segment as a result of the land reclamation and newly launched Arica@Andaman project.
E&O managing director Kok Tuck Cheong said there were strong take-up rates for its two newly launched properties on the Andaman Island while its Malaysian and London hotels were experiencing higher occupancy rates, coupled with higher demand for banqueting services for corporate and private events.
"We are cautiously optimistic that we will be able to execute our plans and strategies to bring the group to greater heights.
"The launch of our new product offerings is already in the pipeline, with launches expected in the fourth quarter of our financial year 2024," he said in a statement.
