Eastern & Oriental Berhad (E&O) intends to begin new projects in the second half of its current fiscal year, which concludes March 31, 2022, as it sees early signs of recovery with the gradual lifting of the Movement Control Order.

According to E&O's managing director Kok Tuck Cheong, the company's project will be launched in Damansara Heights and Seri Tanjung Pinang 2A (STP2A), which is located off Tanjung Tokong on Penang island.

"As we prepare to launch new projects in Damansara Heights and Seri Tanjung Pinang 2A, we are receiving encouraging inquiries," he said in a statement recently.

The Peak in Damansara Heights, a joint venture between E&O and Mitsui Fudosan Asia Malaysia) Sdn Bhd, has been in the works.

The Peak is a 54-unit premium low-density condo-villa development with floor plans ranging from 3,500 to 4,200 square feet. The apartments are expected to fetch more than RM6.5 million.

Kok stated that since interstate travel has resumed, the company's luxury asset, the E&O Hotel, has seen increased occupancy rates and higher average room rates.

He believes that as international borders are gradually opened up, revenue will rise even further.

E&O's revenue for the six months ended September 30, 2021 (1H FYE2022) fell by 53 per cent to RM60.4 million from RM129 million in the same period the previous year (1H FYE2021).

According to the company, revenue in the first half of FYE2021 was boosted by the sale of a piece of land worth RM55 million that was not present in the previous period.

It said that the first-half FYE2022 results were also harmed by unrealised forex exchange losses of RM10.2 million, compared to an RM4.1 million gain in the first-half FYE2021.

According to E&O, this resulted in an RM20.5 million net loss for 1HFYE2022, compared to a RM1.2 million profit in 1QFYE2021.