Eastern Housing plot sales grow 7% in H1
Eastern Housing Limited, a prominent developer in the country, recorded a 7% surge in plot sales during the first half of the fiscal year 2023-24.
In the July-December period, Eastern Housing generated Tk94.80 crore from land sales, marking an increase from Tk88.96 crore reported during the same period in the previous year.
However, flat sales witnessed a substantial decline, plummeting by over 25% to Tk9.34 crore during the first half of FY24, as compared to the corresponding period in the previous year.
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During the period, the company achieved a total revenue of Tk104 crore and recorded a net profit of Tk30 crore, indicating a marginal increase compared to the corresponding period in the previous year.
Nevertheless, the company encountered a net operating cash crisis, primarily attributed to a substantial drop in collections against plot sales, stemming from challenges related to registration procedures, said the company in its financial statement.
The company, which is the sole listed firm among real estate sector, concluded the Wednesday session at Tk98.20 each, marking a 1.76% increase compared to the previous session on the Dhaka Stock Exchange.
