Property group GuocoLand’s first quarter earnings surged more than 20 times to $550.4 million from $26.9 million a year ago on gain from disposal of its Dongzhimen project in China.
In the three months to September, revenue nearly doubled to $439.8 million in the three months to September was due to higher sales from Leedon Residence and profit recognition of the sale of an office block with gross floor area of 33,297 sqm in Shanghai Guoson Centre.
Other income of $595.2 million in current quarter was also boosted by a gain from the group’s disposal of subsidiaries relating to the Dongzhimen project which recorded a net gain after tax of approximately $480 million.
In its outlook, GuocoLand says the property sectors in Singapore and Malaysia remained weak. In China, although home prices rose for a fourth consecutive month in August, analysts do not expect a full recovery of the property sector anytime soon due to high inventories of unsold homes in most cities.
GuocoLand closed 0.5% higher at $1.91 on Friday.
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In the three months to September, revenue nearly doubled to $439.8 million in the three months to September was due to higher sales from Leedon Residence and profit recognition of the sale of an office block with gross floor area of 33,297 sqm in Shanghai Guoson Centre.
Other income of $595.2 million in current quarter was also boosted by a gain from the group’s disposal of subsidiaries relating to the Dongzhimen project which recorded a net gain after tax of approximately $480 million.
In its outlook, GuocoLand says the property sectors in Singapore and Malaysia remained weak. In China, although home prices rose for a fourth consecutive month in August, analysts do not expect a full recovery of the property sector anytime soon due to high inventories of unsold homes in most cities.
GuocoLand closed 0.5% higher at $1.91 on Friday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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