GuocoLand posts Q3 net gain of $21.5m, reversing loss of $13.3m

SINGAPORE - GuocoLand continued its profitable run, with a third quarter net profit of $21.5 million.

This contrasted the $13.3 million loss it chalked up in the same period last year.

Revenue for the three months to March 31 nearly trebled to $270.2 million, up from $92.4 million previously.

This was mainly attributed to higher recognition for Goodwood Residence and Sophia Residence in Singapore and Seasons Park in Tianjin, China.

Sophia Residence obtained its Temporary Occupation Permit in April.

Gross profit for the current quarter was $70.7 million, compared to a loss of $30.2 million in the previous corresponding quarter. The loss arose mainly because higher construction cost was recorded for Goodwood Residence and Sophia Residence following a change in the projects' main contractors.

Other income fell by 81 per cent, mainly because the group had recognised a net fair value gain of $31.8 million from its investment properties in the previous corresponding quarter.

Administrative expenses increased by 59 per cent, mainly due to higher staff expenses and sales and marketing expenses incurred for projects in Singapore and China.

Earnings per share amounted to 1.72 cents, reversing from a loss of 1.2 cents previously while net asset value per share swelled to $2.24 compared to $2.20 as at June 30.