Company Briefs: GuocoLand

GuocoLand

GuocoLand's net profit rose 7 per cent to $31.5 million despite a slide in revenue, largely due to non-controlling interests' share of the results.

Revenue for the three months ended March 31 fell 15 per cent from a year earlier to $230.6 million while gross profit dropped 5 per cent to $60.1 million.

The group said its completed residential projects, especially those in Singapore, have recorded healthy sales in the past quarters and have brought down its inventory of completed unsold units substantially.

While its Martin Modern project, which is still under construction, has also logged strong sales, revenue contributions from this project in the current quarter are not substantial as revenue is recognised on a progressive basis.

Hong Leong Finance

Hong Leong Finance said its first-quarter net profit shot up 57 per cent to $25.9 million.

Interest on loans increased 11.4 per cent to $59.6 million while hiring charges rose 16 per cent to $13 million.

Other interest income was up 4.7 per cent at $7.7 million.

Fee and commission income rose 10 per cent to $4 million.

Hong Leong Finance said that total interest income/hiring charges for the quarter climbed 11.5 per cent to $80.4 million, due to an increase in average loan base and a higher loan yield.

Interest expense fell 14 per cent to $30.7 million.

CRCT

Capitaland Retail China Trust's (CRCT) first-quarter distribution per unit came in at 2.75 cents, a marginal increase of 0.4 per cent from the same period a year earlier.

Gross revenue for the three months ended March 31 fell 7.9 per cent to $55.4 million, while net property income slid 7.7 per cent to $37.2 million.

The decline was due mainly to the divestment of CapitaMall Anzhen with effect from July 1, 2017 and lower revenue from CapitaMall Grand Canyon.

The amount distributable to unit holders rose 9.6 per cent from a year earlier to $26.7 million.

CRCT's malls registered rental reversion of 12.8 per cent in the first quarter.

Portfolio occupancy as at March 31 came in at 95 per cent, while tenants' sales and shopper traffic for the quarter increased by 2.1 per cent and 7.7 per cent respectively.

A version of this article appeared in the print edition of The Straits Times on April 27, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe