E&O counts on Seri Tanjung Pinang 2 for growth

Artist impression of the Seri Tanjung Pinang Phase Two project,

KUALA LUMPUR: Eastern & Oriental Bhd (E&O) expects its Seri Tanjung Pinang Phase 2 (STP2) project to be the “key catalyst” to propel the company to the next level of growth.

“The STP2 project is the main growth engine for E&O as it will provide 15-20 years of land bank for E&O,” deputy managing director Eric Chan said at a briefing.

“We have got the endorsement from the state. Now we are checking the plans to (eventually) invite tenders for the reclaimation work. We should be able to call for tenders by the end of this year,” Chan said.

Its growth target to achieve a cumulative profit after tax of RM450mil-RM500mil from the financial year ended March 31, 2014 (FY14) to FY16 is also backed by its four other growth engines in key areas that is in the Klang Valley, Penang, Johor and London.

“In terms of financials, we are on track (to achieve it). We do not focus on quarterly or yearly results but in the medium term we are on track as we have hit RM120mil in FY14 and we continue to chase the target within the two years,” Chan said. - The Star