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Photo from GuocoLand
GuocoLand’s profit drops 47% YoY to $207.1m in FY23
The company recorded a profit decline despite a 60% YoY jump in revenue.
The profit attributable to equity holders of GuocoLand dropped by 47% YoY to $207.1m in FY2023, its latest financial statement showed.
The company’s profit before tax likewise declined, falling 38% YoY to $342.9m.
On the flip side, GuocoLand recorded a 60% YoY higher revenue of $1.54b for the period.
GuocoLand attributed its improved revenue to the “strong operational performance” of its property investment and property development business segments.
The company’s property development segment recorded a $1.3b revenue for the period, translating to a 62% YoY jump. Meanwhile, the property investment segment recorded a 35% YoY jump in revenue to reach $169.6m.
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