Daily Archives: 16 Oct 2009

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

Developer GuocoLand says the group reported a net profit of $12.4 million for the first quarter ended Sept 30, 2009 compared to a net loss of $2.8 million in the previous corresponding period. Gross profit was $31.7 million primarily contributed by property development projects in China.

The group’s revenue fell 37% to $95.7 million from $153.1 million respectively compared to the previous corresponding period.

The decrease was largely due to lower contribution from property development projects in Singapore as several projects were fully sold and completed during the previous financial year.

During the quarter ended Sept 30, 2009, the group launched Sophia Residence and Elliot at the East Coast. The group says the launches were well received and to date, the group achieved sales of 86% and 64% in Sophia Residence and Elliot at the East Coast respectively. Continue reading →