KUALA LUMPUR: Eastern & Oriental Bhd
(E&O) reported a higher net profit of RM37.52 million in the first quarter ended June 30, 2024 (1Q 2025) from RM32.95 million a year ago, primarily driven by increased revenue from its property segment.
The property developer's quarterly revenue nearly doubled to RM165.65 million from RM85.41 million, largely due to a RM79.3 million boost in its property segment.
E&O said revenue for 1Q 2025 rose by 94 per cent compared to 1Q 2024, propelled by strong sales and revenue recognition, particularly from The Meg and Arica projects.
"Our two landed properties, Senna and Fera, achieved a combined sales take-up rate of 83 per cent within six months of launch.
"The Lume, our latest project, has also shown promising sales performance, and we anticipate this momentum will continue,” it said in a filing with Bursa Malaysia today.
Looking ahead, E&O said it is finalising plans to launch the first sea-facing residential apartments on the island.
"This development targets young families and is expected to be launched towards the end of the year. We are excited to unveil this new project,” the company said.
E&O added that its hospitality segment continues to achieve high average occupancy and room rates.
"The group remains focused on maintaining these levels and delivering the exceptional experiences synonymous with the E&O brand,” it said. - Bernama
