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RESIDENTIAL PROPERTY | Staff Reporter, Singapore

GuocoLand's Q4 profit crashed 43% to $141.2m

Full-year profits also slipped 5% to $392.7m.

GuocoLand’s profit plummeted 43% YoY to $141.2m in Q4 which ended in June whilst revenue for the quarter crashed 52% YoY to $197.04m from $407.3m, an announcement revealed. Profit attributable to equity holders decreased 42% to $141.2m.

For the full year ended 30 June, the firm saw a revenue increase of 4% YoY to $1.16b. Meanwhile, full-year profits slipped 5% to $392.7m whilst profit attributable to equity holders rose 7% to $381.2m

According to the firm, the higher full-year revenue was backed by property development business and supplemented by higher contributions from the group’s property investment business. They mentioned that the Guoco Tower which is the office component at Tanjong Pagar Centre completed in October 2016, made its maiden full year contribution in FY2018.

“We have been active but disciplined in our investment bids and the selective acquisitions of well-located land sites will provide a pipeline of mixed-use, commercial and residential development,” GuocoLand group president and CEO Raymond Choong said.

Meanwhile, the better performance in profit attributable to equity holders was due to higher share of profit of associates and joint ventures of $203.6m, which was largely due to contributions from Changfeng Residence, the joint venture residential project in Shanghai that was completed in FY2018.

The firm announced that its board of directors recommended a first and final one-tier exempt ordinary dividend of $0.7 per share for FY2018. This is the same with the rate in FY2017.

The firm said that it has a healthy pipeline of projects with a combined gross floor area of approximately 15 million sq ft and a total potential gross development value of over $11 billion.

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