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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