Guocoland Suffers 26% Plunge In FY15 Net Profit

Guocoland Limited reported a 25.6 percent drop in net profit to $226.4 million, from $304.2 million on the back of slippages in revenue and other income.

Revenue experienced a dip of 7.3 percent from $1.3 billion last year to $1.2 billion, mainly due to lower revenue recognised for projects in Malaysia. Other income suffered 59.5 percent to $102.4 million due to lower fair value gain for investment properties and a one-off gain from disposal of subsidiaries last year.

Despite a 25.1 percent reduction in finance cost, it was offset by a 36.7 percent rise in administrative expenses to $107.3 million, dragging down the profitability of the group.

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