GuocoLand's Q3 earnings jump more than sixfold

SINGAPORE - Third-quarter earnings at GuocoLand rocketed more than sixfold on the back of higher revenue and bigger contributions from associates and joint ventures.

Net profit for the three months to Sept 30 was $165.6 million - well up on the $25.6 million in the same period a year ago.

Revenue shot up 79 per cent to $362 million, while gross profit jumped 41 per cent to $60.4 million.

The stellar performance was mainly due to higher sales and progressive revenue recognition from Singapore's residential projects, said GuocoLand on Thursday.

Share of profit of associates and joint ventures recorded for the quarter was $170.5 million, compared with a loss of $119 million previously. This came mainly from its Chinese joint venture residential project in Shanghai, Changfeng Residence, which is substantially sold and was completed during the quarter.

Earnings per share came in at 14.92 cents, well up on the 2.31 cents previously. Net asset value per share stood at $3.34 as at Sept 30, compared with $3.18 as at June 30.

GuocoLand shares closed 0.8 per cent or two cents lower at $2.41 on Thursday, before the results were announced.