E&O Q2 net profit drops in ab­sence of land sale gain

The Sun (Malaysia) - - SUNBIZ -

PE­TAL­ING JAYA: Eastern & Ori­en­tal Bhd’s (E&O) net profit for the sec­ond quar­ter ended Sept 30, 2016 fell 84% to RM3.83 mil­lion from RM24.45 mil­lion a year ago, due to the ab­sence of a gain from the sale of a piece of land from an as­so­ciate in the previous cor­re­spond­ing fi­nan­cial pe­riod.

Rev­enue fell 7.5% to RM79.28 mil­lion from RM85.71 mil­lion in the same quar­ter last year.

For the six months pe­riod, E&O’s net profit de­creased 85% to RM7.07 mil­lion from RM47.71 mil­lion a year ago.

This was due to lower con­tri­bu­tion from the share of re­sults of an as­so­ciate of RM100,000 in the cur­rent six-month fi­nan­cial pe­riod com­pared with a share of profit of RM20.92 mil­lion in the previous cor­re­spond­ing fi­nan­cial pe­riod fol­low­ing the sale of a piece of land.

The re­sults were fur­ther damp­ened by an un­re­alised for­eign ex­change loss of RM15.25 mil­lion against an un­re­alised for­eign ex­change gain of RM47.64 mil­lion in the six­month fi­nan­cial pe­riod ended Sept 30, 2015.

Rev­enue rose 56.91% to RM242.59 mil­lion from RM154.60 mil­lion, due mainly to the prop­erty seg­ment.

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