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Goodwood Residence sales lift earnings, revenue of GuocoLand

Published on Aug 28, 2014 9:41 PM
 
Goodwood Residence apartments, located along Bukit Timah Road and next to Goodwood Hill. Property group GuocoLand has posted a full year net profit of $304.2 million, up from $40.5 million last year. -- PHOTO: PATRICK BINGHAM HALL

SINGAPORE - Property group GuocoLand has posted a full year net profit of $304.2 million, up from $40.5 million last year.

Revenue rose by 85 per cent to $1.25 billion for the 12 months to June 30 while gross profit was 117 per cent higher, mainly due to higher revenue and profit recognised for the group's Singapore residential projects and Seasons Park in Tianjin.

GuocoLand sold a good number Goodwood Residence units during the fourth quarter.

Other income increased by $156 million, mainly due to a gain from sale of the group's interest in subsidiaries and fair value gain from investment properties.

 
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