Guocoland’s net profit surged 130% to $49.5m in Q3

Due to revenue recognition from Shanghai.

Guocoland reported that its net profit suged 130% year-on-year to $49.5m in the third quarter, thanks mostly to revenue recognition for the sale of serviced apartments in Shanghai Gouson Centre.

Its revenue grew 21% year-on-year to $325.9m. Administrative expenses increased from $19.4 million to $26.7 million in the current quarter mainly due to higher sales and marketing expenses incurred in Singapore.

Finance costs reduced by 22% mainly due to higher capitalisation of interest expenses and repayment of some loans during the period.

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