E&O'S Q2 NET PROFIT FALLS TO RM18.83 MLN
KUALA LUMPUR, Nov 11 (Bernama) -- Eastern & Oriental Bhd’s (E&O) net profit for the second quarter ended Sept 30, 2018 fell to RM18.83 million from RM19.68 million in the same quarter last year.
Revenue also declined to RM179.39 million compared with RM195.88 million previously, it said in the filing with Bursa Malaysia today
For the six months period ended Sept 30, 2018, the group’s net profit narrowed to RM32.95 million from RM40.92 million, while its revenue rose to RM379.38 million from RM369.32 million, a year ago.
“This represented an increase of RM10.064 million or 2.73 per cent, mainly attributable to the property segment which registered an increase of RM18.25 million.
“However, the increase was dampened by the hospitality segment which registered a decrease of RM8.487 million following the disposal of E&O Express Sdn Bhd,” the group said.
It said notwithstanding uncertainties and continued weakness in the property market, the group was able to sustain new property sales in the current quarter, continuing the trend of the previous quarter performance.
“The broad outlook for the property sector in 2018/2019 continues to be challenging. Thus, we remain cautious about our impending launches which we have carefully crafted to cater to current market demands.
“Our strategy moving forward is to study the market carefully and offer developments that suit current demands and economic sentiments,” it said.
-- BERNAMA
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