Eastern & Oriental Berhad (E&O) has reported a strong after-tax profit of RM127.89 million (S$51.79 million) for the financial year ended 31 March 2012, buoyed by strong sales and higher revenue.
The Malaysia-listed property developer said that profit for the year saw a 260 percent jump compared to the RM35.54 million (S$14.39 million) achieved for the same period in 2011.
“We had a good year and as a reward to our shareholders, the group is proposing a 4.25 percent dividend, which will result in a significant quantum of dividend pay-out given our strong earnings performance,” said Eric Chan, Deputy Managing Director at E&O.
Sales reached RM786.78 million (S$318.65 million) while unbilled sales closed to nearly RM1 billion (S$404.58 million). Major contributors to this sales position include the landmark Quayside Seafront Resort Condominiums at Seri Tanjung Pinang, Penang and St Mary Residences (pictured) in the Kuala Lumpur central business district (CBD).
“Response to our Penang and Kuala Lumpur projects have been very positive as our strong sales figures for the last 12 months show. The first tower of Andaman at Quayside, just launched in Penang in February, is doing well and we expect to release the second tower soon,” added Chan.
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