Eastern Housing earns the highest-ever quarterly revenue 

Eastern Housing has earned a record Tk161.78 crore revenue in the October-December quarter of the current fiscal year by selling a ready building at Gulshan in the capital in a single go.

The revenue is 160% higher than a year earlier. This is the highest quarterly revenue in the history of the real estate company.

In the second quarter of the 2021-2022 fiscal year, it had a net profit of Tk17.62 crore and its earnings per share stood at Tk1.89.

A top official at the company, seeking anonymity, told The Business Standard, "Eastern Housing had a commercial building project in Gulshan. A business group has bought the entire project at one go for around Tk100 crore. Usually, all the floors of such buildings are not sold altogether this way."

Dhiraj Malakar, managing director at Eastern Housing, said in the company's fiscal 2020-21 report, "Intending to provide affordable apartments for the middle-income group, we have commenced construction work of two projects. We expect that the company will earn Tk300 crore by selling these flats."

"Considering the current situation of real estate business, we strategically focus on more investments in the land projects. But we still have taken the new apartment projects with much caution to protect our investments," he added.

He said the company has made all-out efforts to get approval from Rajdhani Unnayan Kartipakkha (Rajuk) for the second and third phases of the Jahurul Islam City at the capital's Aftabnagar.

"We are in the process of complying with the regulatory norms of the government concerning our Mayakanon Land Project at Amin Bazar, which is about 400 acres," added Dhiraj Malakar.

From 27 December to 26 January, Eastern Housing share price jumped 33% to Tk61.10 at the Dhaka Stock Exchange as few investors spread a rumour on social media about the company's revenue surges.

Its share closed at Tk58.80 on 27 January, which was 3.76% lower than the previous session.