GuocoLand attributable drops by 13% in first half
This is despite a 46% revenue growth.
GuocoLand Limited reported its profit attributable to equity holders declined by 13% to S$59m in the first half of the fiscal year 2023, ending on 31 December 2022.
This dropped from S$67.5m in the same period last year.
This is also despite a revenue growth of 46% to S$661.6m, driven by a strong performance from the Group’s property Development and Property Investment businesses.
The segments’ revenue rose by 45% to S$550.4m and by 25% to S$74.8m, respectively.
“Sales of our residential projects are going strong, while revenue from our premium Grade A offices has grown consistently over the years as we see the trend of ‘flight to quality’ by top global and regional companies continuing to grow, even as they embrace a hybrid work environment,” Cheng Hsing Yao, Chief Executive Officer of GuocoLand Group, said.
“We will continue to build our presence as a multi-platform real estate player. With the
completion of Guoco Midtown in 2023, we look forward to further grow the value of our portfolio of integrated developments in Singapore, China and Malaysia. This will further build the share of recurring income from our Property Investment business.”