Monday, April 23, 2012

GuocoLand posts $162,000 net profit in Q3

Business Times: Sat, Apr 21 

GUOCOLAND swung to a net profit of $162,000 for its third quarter ended March 31 from a net loss of $920,000 a year ago. 

This came as revenue for the quarter rose 16 per cent to $104.5 million, mainly due to higher revenue recognised from the group's Singapore residential projects, the real estate developer said. 

The group also benefited from lower administrative and other general expenses, but finance cost increased $6.1 million mainly due to higher borrowings. 

Net profit for the nine months ended March 31 was $198,000, down from $79.3 million previously. This was mainly because revenue from the sale of the group's uncompleted projects in China was not recognised with the adoption of accounting rule FRS 115. Revenue for the nine months declined 39 per cent to $358.8 million.

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