Guocoland | Lush Dream Home

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 →

Guocoland posts Q1 profit of S$12.3m, overturning year-ago loss

Posted on 16 Oct 2009 | Comments Off

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