GuocoLand

[winston]

Not vested. From DBS:-

GuocoLand announced that its proposed plan to acquire a land parcel of around 5.3 hectares in Vietnam to build a high-rise residential development with supporting retail quantum has lapsed.

This came after the recent legal debacles surfacing regarding its Dongzhimen Project in Beijing and the decision by Kuwait Finance House to purchase only 36 units of Goodwood Residence at a 12.5% discount.

Though the impact of this Vietnam site is minimal, the depressing sentiment should intensify.

[millionairemind]

Published August 23, 2008
GuocoLand FY08 net falls 43% to $162m
By UMA SHANKARI

PROPERTY developer GuocoLand's earnings for the full year ended June 30 fell 43 per cent as it saw lower sales from its property development projects in Singapore and a one-third fall in other income.

Net profit attributable to equity-holders fell to $161.84 million from FY2007's $281.89 million. Earnings per share dropped to 20.17 cents from 46.15 cents.

Revenue for the 12 months dipped 4 per cent to $670.9 million, from $702.5 million a year ago. Gross profit fell 12 per cent to $135.3 million.

The bottom line was also hit by a $63.9 million or 33 per cent fall in other income to $130.8 million. This came as interest income and net foreign exchange gains were more than wiped out by lower revaluation gain from investment properties and lower investment property provision writeback.

The group was also hit by higher income tax, mainly from its property development projects in China.

Finance costs also rose 22 per cent to $39.4 million due to higher bank borrowings and interest rates.

GuocoLand - which has operations in Singapore, China, Malaysia and Vietnam - did not provide separate numbers for its fourth quarter.

The group acknowledged that the property markets in the countries where it operates are slowing down as developers and buyers adopt a more cautious stance. But in the medium term, it expects these countries' economies to remain resilient and grow.

'Coupled with the implementation of regulatory measures and macro-economic policies to control inflation and prevent overheating of the economy and property markets, the attraction of Asia as a growth region should have positive effects on the demand for quality housing in these countries,' GuocoLand said in a filing to the Singapore Exchange.

For Singapore, the cautious sentiment in the property market is evidenced by a slowdown and delay in property launches and a lower take-up rate compared to 2007, GuocoLand noted. But the ongoing development and subsequent completion of the two integrated resorts and the Marina Bay Financial Centre should help economic growth in the next few years, the developer added.

GuocoLand also said that it has increased its inventories from $1.6 billion to $4.5 billion over the past year, mainly due to an increase in its land bank. Among other purchases, the company completed its en bloc acquisitions of Sophia Court, Palm Beach Garden, Leedon Heights and Toho Garden condominiums in Singapore.

GuocoLand shares lost six cents to close at a 52-week low of $2.06 yesterday. The stock has shed 63.5 per cent so far this year.

[winston]

Not vested.

GuocoLand sinks into the red for Q109 By ARTHUR SIM

GuocoLand Ltd has reported a net loss of $2.8 million for the fiscal first quarter ended 30 September, down from a net profit of $27.7 million a year ago.

This was mainly attributed to unrealised mark-to-market foreign exchange loss of $19.2 million arising primarily from the revaluation of US$300 million bank loans as the US dollar appreciated against the Singapore dollar.

The group's revenue decreased by 20 per cent to $153.1 million as compared to the previous corresponding period mainly due to lower revenue recognised for property development projects in China.

Earnings per ordinary share for the period was a negative 0.34 cents.

[winston]

- Unrealised mark-to-market forex loss of S$19.2m from revaluation of loans

[millionairemind]

Published February 7, 2009

Revenue fall, absence of forex gain hit GuocoLand

By KALPANA RASHIWALA

GUOCOLAND's net profit for the second quarter ended Dec 31, 2008, fell sharply as revenue more than halved. But a key reason is that the quarter in review did not have the benefit of a huge foreign exchange gain seen in the previous corresponding period.

A Singapore-listed property unit of Malaysian tycoon Quek Leng Chan, GuocoLand yesterday posted a Q2 net profit of just $861,000, down from almost $33 million for the year-ago comparative period. The three months saw revenue dive 55 per cent year-on-year to $94.6 million mainly due to lower sales for development projects in Singapore and China.

There was also a net foreign exchange loss of $2.9 million, against a net foreign exchange gain of $21.6 million for the year-ago period. The latter arose mainly from the revaluation of US$ bank loans.

Helping to a certain extent was lower mark-to-market loss on derivative financial instruments of $4.9 million, against loss of $12.4 million for the comparative period.

Also, share of profit after tax from associates rose to $4.2 million from $1.6 million. Tax expense also fell to $3.6 million from $9.3 million primarily due to lower profits from development projects in China.

For the half year to Dec 31, 2008, GuocoLand found itself in the red with a net loss of nearly $2 million, against a $60.6 million profit for the year-ago period.

The group booked a net foreign exchange loss of $22.1 million for the first-half, arising mainly from unrealised translation loss on US$300 million bank loans as the US dollar appreciated against the Singapore dollar. In contrast, the comparative period recorded net foreign exchange gain of $34.7 million.

Share of profit after tax from associates rose from $1.2 million to $4.5 million as Tower Reit, the group's 19.97 per cent associate, booked a RM38.7 million revaluation gain on its Malaysian investment properties in December 2008.

Group revenue fell 38 per cent to $247.7 million, due mainly to lower sales for property development projects in China, offset by higher sales in Singapore.

GuocoLand said that given the slower economic growth in the countries where it operates, which slowed sales, 'it is difficult to anticipate when the turnaround will happen'.

[millionairemind]

GuocoLand
Feb 9 close: $1.06
DBS VICKERS SECURITIES, Feb 9

SLICED by the forex knife: Forex and mark-to-market derivative losses continued to offset what were already thin operating numbers from GuocoLand, leading to a 97 per cent plunge in net profit y-o-y to $0.9 million.

With the US dollar having appreciated yet another estimated 4 per cent year-to-date, the forex knife looks set to potentially pare away at another set of earnings in the coming quarter.

We maintain our Fully Valued call, TP S$0.74 based on a 60 per cent discount to RNAV of S$1.85.
FULLY VALUED

[winston]

GUOCOLAND - Property developer GuocoLand reported a net loss of S$70.2 million for its fiscal year ended June after making a S$81 million provision on an office building in Singapore.

[winston]

Not vested. From Kim Eng:-

GuocoLand has posted a net profit of $12.4 million for the first quarter ended Sept 30, a sharp reversal from the $2.8 million loss a year ago. Earnings improved even as turnover fell 37 per cent to $95.7 million. Profit per share was 1.5 cents, in contrast to the loss per share of 0.34 cents a year ago. Gross profit was driven largely by contributions from property development projects in China.

The group recorded higher sales in Ascot Park in Nanjing and the Changfeng project in Shanghai. Property development projects in Singapore contributed less as several had been fully sold and completed in the previous year. A net foreign exchange gain of $7.5 million - comprising unrealised translation gains on US dollar
borrowings - also boosted earnings in Q1. Previously, the group had recognised a net forex loss of $19.2 million.

(Sources: Company, SGX, Business Times, Dow Jones)

[winston]

GuocoLand posts $60.4 mln net profit in Q2 By KALPANA RASHIWALA

Property group GuocoLand has posted net earnings of $60.4 million for the second quarter ended Dec 31, 2009, a significant jump from the $861,000 earnings in the same year-ago period.

The improvement was due mainly to China property development projects.

For the first half ended Dec 31, 2009, GuocoLand achieved a net profit of $72.8 million, against a net loss of nearly $2 million in the same year-ago period.


Source: Business Times

[winston]

Not vested. From DBS:-

Guocoland’s 2Q10 net profit of S$60m was mainly attributed to China project completions and a one-off
sale.

Dongzhimen issue is still unresolved and remains the strongest catalyst for the stock.

Maintain HOLD, TP S$2.09 (Prev S$ 2.26).