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.
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