KUALA LUMPUR: Eastern & Oriental Bhd's net profit rose 2.2 per cent to RM30.4 million in the second quarter ended Sep 30, 2024 (Q2FY25) on the back of higher revenue.
Its revenue expanded 38 per cent to RM171.03 million in the quarter under review versus RM123.86 million in the same period last year, attributed to revenue recognition from the newly launched The Lume, as well as other ongoing development projects, The Meg, Fera, and Senna.
The board of directors proposed a special dividend of 1.0 sen per share for the financial year ending March 31, 2025. It will be paid on Dec 18, 2024.
For the cumulative six-month period, its net profit was up 8.3 per cent to RM67.91 million from RM62.69 million a year ago. Revenues stood at RM336.68 million compared to RM209.28 million in the same period last year.
E&O said that its properties segment remained the largest contributor, with an 80.6 per cent increase in revenue to RM284.2 million, while the hospitality segment recorded a revenue of RM49.3 million, mainly driven by elevated average room rates and occupancy rates.
As of September 30, joint venture projects, including Conlay, The Peak, and Avira Garden Terraces, recorded RM232.5 million in total revenue, reflecting a 93.4 per cent increase from the same period last year.
With this contribution, the group's properties segment achieved an aggregate revenue of RM516.7 million, up from RM277.6 million in the previous year.
Eastern & Oriental managing director Kok Tuck Cheong said the encouraging response for The Lume is a testament to the company's commitment to understanding and meeting the evolving needs of our buyers by offering homes that combine innovative design, strategic location, and lasting value.
"Looking ahead, we are excited to launch a first-of-its-kind waterfront serviced apartment on Andaman Island by the end of the year. The recently unveiled RM60.0 billion master plan for Andaman Island is expected to significantly enhance the attractiveness of our upcoming launches and bolster our strong growth momentum. Our focus remains on creating exceptional living spaces that embody international standard moderns and cater to the modern, eco-conscious lifestyle," he added.
The board of directors proposed a special dividend of 1.0 sen per share for the financial year ending March 31, 2025. It will be paid on Dec 18, 2024.