by winston » Thu Jan 21, 2016 8:43 am
Lower contribution from projects hurts Guocoland
PETALING JAYA: Property developer GuocoLand (M) Bhd posted a net loss of RM7.5mil in the second quarter ended Dec 31, 2015 on lower contribution from the company’s projects.
The company posted a net profit of RM3.02mil in the same quarter a year earlier.
It said revenue fell 34.9% to RM36mil on lower contribution from the company’s projects in PJ City, Commerce One, Old Klang Road and Amandarii Kajang.
In a filing with Bursa Malaysia, the company said these projects had contributed significantly in the previous corresponding period.
“The reduction in the contribution from commercial projects was partly mitigated by an increase in the residential project in Damansara City,” it said.
For the first half, the company recorded RM13.85mil in net profit from RM5.8mil a year ago, mainly due to a RM16.7mil in fair value gain from the valuation of investment properties.
Revenue was also higher at RM106.81mil during the period against RM83.81mil previously due to higher contributions from the company’s residential project in Damansara City and commercial project in PJ City Corporate Hub, the company said.
GuocoLand said the outlook and sentiment for the property market remained cautious amid the uncertain economic environment.
“The board foresees a challenging year ahead,” it said, adding that the company would continue to focus on timely completion of its development projects and to monetise its inventories.
Source: The Star
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