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