(Left to right) Kok, E&O MD Kok Tuck Cheong and senior GM of Corporate Investment & Corporate Planning Yeonzon Yeow.
KUALA LUMPUR: Shareholders of Eastern & Oriental Bhd (E&O) updated on the company’s overall improved position for the first 12 months, where the shareholders apprised about RM90.9mil profit.
The higher revenue recognition is from E&O’s ongoing projects at Seri Tanjung Pinang (STP) namely The Tamarind, Amaris Terraces and Andorra Skyloft Terraces as well as the Princes House project in London which was completed in FY17.
According to the statement, the group’s positive trajectory is further reflected by its earnings report as it commenced the new financial year ending 31 March 2018 (FY18). In August it announced that pre-tax profit had more than tripled from RM10.6mil in Q1FY17 to RM34.8mil in Q1FY18.
“As part of our prudent financial management, we maintain a healthy cash balanced and banking lines. We have unutilised banking facilities more than RM2bil earmarked for existing and future project development,” said E&O Bhd finance director Kok Meng Chow.
E&O shareholders approved the company’s proposed final single-tier dividend of three cents per stock unit.
“Befitting our position as a trustee stock, we have maintained a continuous and consistent dividend payout in the past seven years. Delivering value to our shareholders is a priority,” he added.
It was reported the Group’s catalyst STP2 reclamation project off the northeast coast of Penang is moving apace with 91% of the land at Phase 2A (STP2A) being reclaimed above the threshold two metres chart datum (CD) level as at August 2017.
The land reclaimed above that threshold is eligible for title application.
According to the statement, their target is to complete the reclamation of the 760-acre STP2A by the second half of 2018 and roll out our launch by 2019.
STP2A is the first phase of the 760-acre STP2 reclamation project for which E&O’s subsidiary Tanjung Pinang Development Sdn Bhd (TPD) has been granted the Concession Rights to reclaim and develop.
E&O Bhd focuses currently are the timely, efficient and compliant completion of STP2A reclamation, preparing a pipeline of project launches for next few years and execute UK projects on a timely basis.
