GuocoLand's Q4 net profit halves to $32.2 million from $63 million
Developer GuocoLand's fourth quarter net earnings nearly halved to $32.2 million from $63 million previously.
Revenue for the three months to June 30 fell by 47 per cent to $168.6 million.
The fall in revenue and gross profit were mainly due to lower progressive recognition for Goodwood Residence.
A buyer's deposit amounting to $41.9 million for the purchase of certain Goodwood Residence units under the deferred payment scheme was forfeited and recorded in other income.