GuocoLand's Q3 earnings more than double

SINGAPORE - Property firm GuocoLand reported a 130 per cent surge in third-quarter net profit to $49.5 million on Wednesday.

Revenue rose 21 per cent to $325.9 million in the three months to Mar 31.

The firm said this was due to revenue recognised for the sale of serviced apartments with a gross floor area of 31,067 sq m in the Shanghai Guoson Centre.

Administrative expenses - a major expense item - increased from $19.4 million to $26.7 million in the third quarter, mainly due to higher sales and marketing expenses incurred in Singapore.

Finance costs were reduced by 22 per cent mostly owing to higher capitalisation of interest expenses and repayment of some loans during the period.

Earnings per share for the quarter rose to 4.24 cents from 1.72 cents previously, while net asset value per share was $2.63 as at Mar 31, up from $2.36 as of June 30.

GuocoLand shares yesterday rose 2.5 cents to $1.845.