Eastern Housing shares soar after half yearly profit jumped by 19%
The share prices of real estate company Eastern Housing Limited soared on Tuesday at the Dhaka Stock Exchange (DSE), following the last night's declaration of the organisation's 19% profit jump during the first half of FY2022-23.
The prices on Tuesday jumped by 9.98% to Tk91.50 as investors showed interest in the fresh fund to buy Eastern Housing shares. As a result, the company has topped the daily turnover chart at the DSE.
According to market insiders, investors are feeling confident about the management of Eastern Housing as their efforts were able to save the company from an economic tough time.
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In the first half of 2022-23, its year-on-year profit grew by 19% to Tk29 crore despite the revenue dropping by 47%.
However, increasing finance income from the deposit helped the company to post higher growth in profit than the previous fiscal year.
A company official said, the company sold a ready building to a customer which is rare in the industry, in the last fiscal year.
Currently, Eastern Housing has turned its focus to land business more than the readymade apartment, he added.
During the first half, its land sale grew by over 20% to Tk89 crore.
