Daily Archives: 17 Oct 2009

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. Continue reading →