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Eastern Housing secured a 19.25 per cent year-on-year profit growth in the second quarter through December of FY25 as it got rid of borrowing costs the year before.
In the second quarter of FY25, it earned Tk 229.88 million, resulting in earnings per share of Tk 2.46 for the period.
During the same quarter, Eastern Housing gained a 21.43 per cent growth in revenue.
It, however, witnessed a higher cost of goods sold in the quarter, compared to the same quarter the year before.
In the second quarter of FY25, the company paid Tk 60 in cost of goods sold per Tk 100 revenue earned, which was Tk 56 a year ago.
The higher cost of goods sold did not have much impact on profitability as the realtor had already paid off loans and so did not bear any interest burden.
Finance cost was nil. In the second quarter last year, the company paid Tk 0.86 million in finance costs.
Instead, it enjoyed a 32 per cent growth in finance income to Tk 105.59 million because of rising interest rates.
Eastern Housing has Tk 4.27 billion in deposits into several banks.
"We don't have any bank loans. Rather, we have huge amounts of money deposited in banks. We earn handsome money in interest income," said Salim Ahmed, company secretary of Eastern Housing.
In the six months to December of FY25, revenue rose 17.9 per cent year-on-year to Tk 1.23 billion and profit rose more than 28 per cent year-on-year to Tk 389.03 million.
Following the latest disclosure, the share price of Eastern Housing rose 2.27 per cent to Tk 67.70 per share on the Dhaka Stock Exchange on Monday.
Meanwhile, the consolidated net operating cash flow per share went up to Tk 2.73 in July-December last year from Tk 4.29 in the negative in the same period a year earlier.
The consolidated net asset value (NAV) per share was Tk 85.89 at the end of December last year, which was Tk 83.62 on June 30 of the year.
The company paid a 19 per cent cash dividend to shareholders for the last fiscal year.
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