SINGAPORE - Developer GuocoLand reported a 68 per cent drop in first quarter net profit to $$27 million.

This was on the back of a 4 per cent fall in revenue to $223.6 million for the three months to Sept 30.

This was because higher revenue recognised from Goodwood Residence and Leedon Residence in Singapore was offset by lower revenue recognised for Seasons Park in Tianjin, China.

Despite the drop in revenue, gross profit climbed by $22.6 million to $66.9 million for the current quarter.

The sharp fall in net profit was mainly the result of a once-off gain from disposal of subsidiaries in the previous corresponding quarter that boosted profits for that period.

Accordingly, other income decreased by 93 per cent to $7.3 million in the current quarter.

Earnings per share slumped to 2.21 cents from 7.33 cents previously while net asset value per share firmed to $2.44 compared to $2.36 as at June 30.

Looking ahead, GuocoLand noted the operating environment continues to be challenging.

Nonetheless, it will continue to focus on execution of current projects and sales of its residential units. It will also be watchful of investment opportunities.