GuocoLand posts revenue and profit drop

Property developer GuocoLand saw revenue plunge 48 percent to $254.7 million in the fourth quarter ended 30 June 2015, from $492.89 million during the same period last year.

The drop in revenue was mainly due to lower revenue recognised for China projects as Seasons Park in Tianjin was almost fully sold in current year, said the company in a filing with SGX.

Net profit in Q4 fell 41 percent to $125.58 million from $211.29 million previously.

For the full financial year, revenue dipped seven percent to $1.16 billion on year, while net profit fell 27 percent to $243.81 million.

Singapore continues to be the main contributor of the groups revenue and profit for the year ended 30 June 2015, accounting for $714.7 million in revenue similar to the previous fiscal year, the company added.

Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg

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