Eastern Housing achieves highest quarterly revenue in its history

Eastern Housing achieved a record turnover of Tk 161.78 crore in the October-December quarter of the current financial year by selling a ready building in Gulshan in the capital in one go.

Turnover is 160% higher than the previous year. This is the highest quarterly revenue in the real estate company’s history.

In the second quarter of the 2021-2022 financial year, it made a net profit of Tk 17.62 crore and its earnings per share stood at Tk 1.89.

A senior company official, seeking anonymity, told The Business Standard: ‘Eastern Housing had a commercial construction project in Gulshan. A group of companies bought the whole project at once to about Tk. 100 crore is not sold quite that way.”

Dhiraj Malakar, managing director of Eastern Housing, said in the company’s 2020-21 financial year report: “In an effort to provide affordable apartments to the middle-income group, we have started construction work of two projects. We expect the business to earn 300 crore from Tk. by selling these apartments.”

“Given the current situation in the real estate sector, we are strategically focusing on more investment in land projects. But we have always taken new apartment projects very cautiously to protect our investments,” he said. he adds.

He said that the company had made every effort to get approval from Rajdhani Unnayan Kartipakkha (Rajuk) for the second and third phases of Jahurul Islam town at Aftabnagar in the capital.

“We are in the process of complying with government regulatory standards regarding our Mayakanon land project in Amin Bazar, which is approximately 400 acres,” added Dhiraj Malakar.

From Dec 27 to Jan 26, Eastern Housing share price surged 33% to 61.10 Tk on Dhaka Stock Exchange as few investors spread rumor on social media about revenue increases of the company.

Its share closed at 58.80 Tk on January 27, 3.76% lower than the previous session.

Sallie R. Loera