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GuocoLand Q4 net and full year results in the red

Posted on 28 Aug 2009 | Comments Off

GUOCOLAND has posted a net loss for the fourth quarter as well as the full year, due mainly to a revaluation loss on Tung Centre, writedowns in values of development properties in Malaysia and a net foreign exchange loss.

It was $73.1 million in the red for the period ended June 30, against a net profit of $98.6 million a year ago. Revenue fell 16 per cent to $139.2 million

Full-year net loss came to $70.2 million, against a $161.8 million net profit previously.

GuocoLand said that it would launch later this year a 119-unit freehold condo on the former Palm Beach Garden site in the East Coast area. GuocoLand shareholders will receive a first and final dividend of five cents per share, down from an eight cents payout in the preceding year.

In Beijing, structural works have been completed for the residential, hotel and retail components, and two office blocks at the group’s Dongzhimen Continue reading →

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Wing Tai posts loss of $53.9m in Q4

Posted on 26 Aug 2009 | Comments Off

Results hit by $109.7m fair value losses on investment properties

WING Tai Holdings yesterday reported a net loss of $53.9 million for the fourth quarter ended June 30, 2009, as it booked fair value losses of $109.7 million on its investment properties. Net profit in the same three months a year ago was $96.3 million.

Revenue in the three months, however, rose 78 per cent to $191.5 million, from $107.3 million in Q4 2008.

The fair value loss also hit the developer’s full-year results. Net profit for financial year 2009 fell 91 per cent to $21.0 million, from $229.4 million for FY2008. Excluding the fair value losses on investment properties, the net profit of the group would have been $108.9 million in FY2009, compared with $157.8 million in the previous year, Wing Tai said.

Revenue for the full year rose 18 per cent to $507.3 million, from $428.2 million in the previous year, boosted by progressive sales recognised from Continue reading →