GuocoLand's net profit crashed 77% to $11.3m in Q3

Earnings dropped sharply as big-ticket sales vanished.

The absence of proceeds from an en-bloc property sale caused GuocoLand's net profit to drop 77% year-on-year to $11.3 million in the third quarter.

The group's earnings fell by 49% to $166 million during the period, mainly because revenue in the same period last year was boosted by the en-bloc sale of serviced apartments in Shanghai Guoson Centre.

Net profit rose to $600.8m for the nine-month period, a five-fold increase compared to the previous corresponding period. The increase was mainly on back of a $583.2 million gain from a sale of the group's subsidiaries.

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