not vested
GuocoLand reports 42% drop in Q4 profit to SGD141.2m, on lower unsold stock
GuocoLand saw a slump in both the top and bottom line in the fourth quarter, with the group's stock of unsold residential units down.
Net profit for the three months to June 30 fell by 42% YoY to SGD141.2m.
The decline tracked a 52% slide in turnover, to SGD197m, as sales in previous quarters reduced the group's inventory and led to lower revenue recognised for residential projects.
Other income decreased by 44% to SGD147.2m, largely on a lower fair-value gain from the mixed-use Tanjong Pagar Centre's Guoco Tower.
Full-year net profit rose by 7 % to SGD381.3m, on a 4% increase in revenue to SGD1.16bn, with earnings boosted by contributions from the joint-venture Changfeng Residence project in Shanghai.
Source: The Business Times, 26 Aug 2018