Developer GuocoLand ( Valuation: 3.00, Fundamental: 2.00) posted an 8% fall in earnings for the 2Q ended Dec to $39 million, or 3.29 cents per share, from $42.5 million a year ago.
Revenue fell 33% to $239.5 million while gross profit fell 50% to $60.9 million. GuocoLand says the drop in performance was due to the sale of an office tower in Shanghai Guoson Centre in the previous corresponding quarter. The lower revenue from China was however partially offset by revenue recognised from DC Residency in Malaysia as TOP for the project was obtained in Nov 2015.
With a volatile global economic environment, GuocoLand says it foresees a challenging year ahead. “The group will continue to focus on sales and leasing of its current projects while being watchful for investment opportunities,” it adds.
GuocoLand closed 1.15% lower at $1.725 on Friday.
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Revenue fell 33% to $239.5 million while gross profit fell 50% to $60.9 million. GuocoLand says the drop in performance was due to the sale of an office tower in Shanghai Guoson Centre in the previous corresponding quarter. The lower revenue from China was however partially offset by revenue recognised from DC Residency in Malaysia as TOP for the project was obtained in Nov 2015.
With a volatile global economic environment, GuocoLand says it foresees a challenging year ahead. “The group will continue to focus on sales and leasing of its current projects while being watchful for investment opportunities,” it adds.
GuocoLand closed 1.15% lower at $1.725 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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