PETALING JAYA: Premier lifestyle property developer, Eastern & Oriental Bhd(E&O) saw its net profit for the third quarter ended Dec 31, 2017, dip by 29.27% to RM21.97 million from RM31.07 million due to high taxation.
Revenue, on the other hand, increased by 36.40% to RM331.89 million in the quarter under review against the RM243.31 million registered in the previous year’s corresponding quarter supported by higher contributions from the property segment on higher sales of completed properties.
The group was subjected to taxes amounting to RM33.70 million in the quarter as compared with the RM16.33 million in the same quarter last year.
“Nevertheless, we are encouraged by the recent sale of properties, especially in our Penang projects. For the remainder of FY18 and for the next financial year we continue to focus selling down our inventory with more innovative pricing packages,” the group said in a Bursa Malaysia filing.
Also read: Lower Q4 net profit for UOA Development