Eastern Housing Ltd, one of the country's oldest real estate companies, has posted a 96 per cent increase in its third quarter (Q3) earnings for January-March, 2021 compared to the same quarter last year despite the pandemic.
The company's profit after tax jumped to Tk 94.92 million in three months for January-March, 2021, up from Tk 48.58 million in the same quarter a year earlier.
In a filing with Dhaka Stock Exchange (DSE) Sunday, the company said its earnings per share (EPS) stood at Tk 1.02 for January-March 2021, almost double, from Tk 0.52 in the corresponding period.
The company's nine months profit after tax stood at Tk 279.34 million for July 2020-March 2021 as against Tk 258.85 million in the same period of the previous year.
The real estate company's EPS for nine months until March, 2021 stood at Tk 2.99 against Tk 2.77 for July 2019-March 2020.
Its net operating cash flow per share (NOCFPS) was Tk 9.37 for July 2020-March 2021 as against Tk 22.40 for July 2019-March 2020.
"The net operating cash flow decreased due to less collection from customers and payment to suppliers/land owners," the company said in the filing.
The net asset value (NAV) per share was Tk 63.96 as on March 31, 2021 and Tk 62.47 as on June 30, 2020.
The board of directors of the company has also approved the valuation report on the property, plant and equipment (land item only) as certified by the professionally qualified valuation firm, said the company.
The book value of the said assets was Tk 3.79 billion as of March 2021. After valuation the value of the said assets stands at Tk 4.29 billion.
Each share of the company, which was listed on the DSE in 1994, closed at Tk 46.80 on Sunday, gaining 5.64per cent over the previous day. Its shares traded between Tk 38.70 and Tk 48.90 in the last one year.
The company disbursed 15 per cent cash dividend for the year ended on June 30, 2020. In 2019, it provided a 20 per cent cash dividend.
The company's paid-up capital is Tk 933.45 million, authorised capital is Tk 2.0 billion and the total number of securities is 93.34 million.
The sponsor-directors own 50.09 per cent stakes in the company while the institutional investors own 34.23 per cent and the general public 15.68 per cent as of April 30, 2021, the DSE data shows.
Incorporated in 1964 as a private limited company, Eastern Housing is the pioneer as well as the only listed company in the country in real estate sector under the private sector.
People familiar with the real estate business said following the government's decision to allow investment of undisclosed movable and immovable properties after paying a certain amount of taxes, the real estate sector has received a significant amount of investment.
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