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GuocoLand posts 32.3% fall in net to $13.5m for 1Q

Posted on 16 Oct 2009 | Comments Off

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 →

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Lian Beng’s Q1 net profit surges 174%

Posted on 16 Oct 2009 | Comments Off

RIDING the wave of the residential property market, Lian Beng Group reported yesterday a 174.2 per cent surge in net profit for the first quarter ended Aug 31 to $5.28 million. This was helped by a 128.6 per cent jump in revenue to $85.1 million from the previous Q1’s $37.2 million. This was driven by completion of projects like Ferraria Park, Sixth Avenue Condominium and Northwoods, as well as progress payments from existing projects such as the construction of Amber Residences, camp facilities at Kranji, Kovan Residences and Bellerive Condominium.

The group also saw higher revenue contribution from Ola Residences, a wholly owned property development project, and improvement in operational productivity.

Source : Business Times – 16 Oct 2009