Mainboard-listed developer Guocoland on Friday reported a net profit of S$12.3 million for the first quarter.
This is a turnaround from the S$2.8 million net loss a year ago, which was partly due to foreign exchange losses.
Revenue for the three months ended September fell 37 per cent to S$95.7 million, largely due to lower contribution from property development projects.
During the quarter, Guocoland launched Sophia Residence and Elliot condominiums in East Coast.
It said the launches have been well received and to date, and it has achieved sales of 86 per cent for Sophia Residence and 64 per cent for Elliot.
Looking ahead, Guocoland said it will continue to monitor the property markets in the countries it operates and time its launches accordingly, while seeking opportunities to replenish its land bank.
Source : Channel NewsAsia – 16 Oct 2009
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