PETALING JAYA: Eastern & Oriental Bhd’s second quarter net profit to end-September has risen more than five times to RM19.68mil from RM3.83mil in the same period a year ago.
The property company said in the notes accompanying its financial statements that the improved revenue position was mainly due to higher revenue recognition from the ongoing projects of The Tamarind, the Amaris Terraces and the Ariza Seafront Terrace in Seri Tanjung Pinang.
“Higher sales of completed properties such as the Andaman condominiums in Seri Tanjung Pinang, Penang and Princes House in London also contributed to higher revenue recognition,” it said.
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