E&O SAYS NEGATIVELY IMPACTED BY COVID-19
All business segments affected, leading to lower full-year revenue of RM486.8m
LIFESTYLE property developer Eastern & Oriental Bhd (E&O) said the Covid-19 pandemic has adversely affected its operations, leading to lower revenue contribution from all of its segments.
The challenging market conditions exacerbated by the pandemic significantly disrupted operations at the group’s property development, property investment and hospitality divisions, said E&O.
The property development division was affected by the closure of all sales galleries as well as travel restrictions to and from key markets.
“Similarly, the E&O Hotel in Penang, which reopened its newly-refurbished Heritage Wing in December last year and had enjoyed rising average room rates, was hit by the Movement Control Order and international travel bans,” said the company in a statement after its annual general meeting yesterday.
For the financial year ended March 31 this year, the group’s total revenue stood at RM486.8 million, down 45.1 per cent from a year ago.
It also recognised impairment losses of RM209.6 million during the year.
This resulted in a pre-tax loss of RM155.6 million, compared with a RM161.9 million pre-tax profit previously.
E&O managing director Kok Tuck Cheong said in such challenging times, the group had recognised the need to be more agile, relevant and responsive.
Meanwhile, it has obtained approval for a first and final dividend of one sen per share for the year under review.