I think this is the best property stock for this year, Now only 98 cents. Will it hit RM 1.50 end of this year???? Let's wait and see.
Written by The Edge Financial Daily
Tuesday, 23 February 2010 23:26
KUALA LUMPUR: EASTERN & ORIENTAL BHD [] (E&O) sustained its turnaround, posting a net profit of RM10.49 million in its third quarter ended Dec 31, 2009 versus a net loss of RM4.38 million a year earlier.
E&O said this was due to its effective pre-emptive balance sheet management strategy coupled with a higher contribution from the property and hospitality divisions on the back of increased revenue and lower finance costs.
Revenue rose 28% to RM89.99 million from RM70.16 million, while basic earnings per share (EPS) stood at 0.98 sen versus loss per share of 0.67 sen. No interim dividend was declared.
E&O said the strong performance reflected the group's success in turning the company around in the last 12 months.
Earlier this month, E&O launched the first block of its landmark Quayside Seafront Resort Condominiums project in Seri Tanjung Pinang, achieving a take-up rate of more than 50% on the total 298 units. It expects to launch the second tower by the second quarter.
For the nine-month period, net profit rose nearly fourfold to RM27.05 million from RM6.94 million a year earlier, while revenue increased by 25% to RM278.67 million from RM222.80 million. EPS rose to 2.53 sen from 1.06 sen.