20 Oct '17, 4am

GuocoLand net profit soared to $165.6mil in Q1

GuocoLand saw its first-quarter net profit grow more than six-fold to $165.6 million from $25.6 million over the same period last year. Revenue soared 79 percent to $362 million from $202.8 million, mainly due to higher sales and progressive recognition from its residential projects in Singapore. The group’s share of profit of associates and joint ventures also rose to $170.5 million from a share of loss amounting to $119,000 previously. The increase was primarily contributed by Changfeng Residence, GuocoLand’s joint venture residential project in Shanghai. The project was completed and substantially sold during the quarter. Looking ahead, GuocoLand said it remains committed to the Singapore market. In fact, it has acquired a prime commercial site in Beach Road for the “development of a new iconic city-centre work-live-play destination”. This comes as the Urban Redevelopme...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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