Profits rose from higher sales and contributions from its JVs.
GuocoLand pops the champagne for Q1 as its net profit grew from $25.64m to $165.55m.
According to its financial statement, revenue rose by 79% YoY from $202.76m to $361.98m, thanks to higher sales and progressive revenue recognition from residential projects.
The share of profits from associates and joint ventures (JV) hit $170.5m, thanks to China's JV residential project in Shanghai. The project was completed during the quarter.
Meanwhile, finance costs rose to $24.9m because finance costs for Tanjong Pagar Centre’s office and retail components can no longer be capitalised.
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