News
COMMERCIAL PROPERTY, RESIDENTIAL PROPERTY | Staff Reporter, Singapore
view(s)

GuocoLand's net profit soars 161.5% to $29.6m

Thanks to higher sales in its residential projects.

Property developer GuocoLand recorded a whopping 161.5% increase in net profits for the quarter ending in March.

For the said quarter, it managed to register $29.6m earnings, up $11.3m from the same period a year ago.

This came as revenue grew by 63% to $271m, whilst gross profit ended the quarter with a $28% improvement to $63.2m.

The robust numbers were contributed by higher sales and recognition of revenues from the group's residential projects.

For the said quarter, it incurred 90% more finance cost, up by $10.3m to $21.7m. This is due to the lower capitalisation of finance cost obtained in the previous period.
 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.