KUALA LUMPUR: Eastern and Oriental Bhd (E&O) posted a net profit of RM18.76 mil for the third quarter ended Dec 31, 2019, from a net loss of RM8.76 mil in the same period the previous year.
In a filing with Bursa Malaysia today, E&O said this was despite revenue falling to RM119.2 mil from RM256.9 mil, attributing this mainly to the property segment.
“With the property market remaining subdued, we are expecting slower property sales in the near term from both the local and foreign markets.
“Our Eastern & Oriental Hotel now has more diverse and complete offerings with the completion of the newly-refurbished rooms and facilities of the heritage wing in December 2019,” it said, adding that the ongoing Covid-19 outbreak has adversely impacted its business.
In a separate statement, managing director Kok Tuck Cheong said sales and marketing efforts are focused on the Conlay serviced residences centrally located in Kuala Lumpur.
“This iconic development with a gross development value of RM968 mil marks its second joint venture residential development with Japan’s largest real estate developer, Mitsui Fudosan Group (Mitsui).
“We are reviewing the first phase of 297 units and have garnered interest from both the local and international markets,” he added. – Feb 18, 2020, Bernama