KUALA LUMPUR (Nov 28): Property developer Eastern & Oriental Bhd (KL:E&O), which saw its stock fall more than 20% in the morning session, posted a 65.3% rise in net profit for the second quarter, thanks to higher revenue recognition from ongoing projects.
E&O’s share price dropped to 60.5 sen within 30 minutes of trade, prompting a short-selling suspension for the day. It pared some of its losses later in the day, trading 8.55% lower at 70 sen, with 62.6 million shares traded, making it one of the most active stocks on the exchange.
Net profit for the three months ended Sept 30, 2025 (2QFY2026) rose to RM50.24 million from RM30.39 million a year earlier, as revenue climbed 19.5% to RM204.36 million from RM171.03 million, according to the group’s bourse filing on Friday.
Aside from the stronger results from its properties segment, the bottomline was also helped by higher other income and lower other expenses.
No dividend was recommended for the quarter.
For the six months ended Sept 30, 2025 (6MFY2025), E&O rose 40.9% to RM95.66 million from RM67.91 million in the same period a year earlier, as revenue increased 15.2% to RM387.87 million from RM336.68 million.
E&O said the scheduled opening of the Gurney Bridge in Penang in December is expected to drive increased interest from tourists and potential buyers to Andaman Island.
“We are excited to unveil our second waterfront project on Andaman Island, Avea, featuring uninterrupted panoramic views spanning the Gurney Skyline.
“Meanwhile, our retail shops and landed homes at Elmina are scheduled to launch consecutively, offering buyers a premium selection of properties with spacious dwelling units,” it added.