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Guocoland's earnings more than doubled in the third quarter ended Mar 31, as its cost of sales rose by a slower pace than its revenue.
The firm recorded a net profit of S$49.5 million, up from S$21.5 million a year ago. This translated to earnings per share of 4.24 cents, compared with 1.72 cents the same period last year.
Its revenue increased 21 per cent to S$325.9 million, due to the sale of serviced apartments in Shanghai Guoson Centre.
The group said that buying sentiment for private residential property in Singapore is "likely to remain subdued". It was, however, slightly more optimistic for China, noting that the government there had rolled out certain measures which may ease the residential property market.
"The group will continue to focus on execution, sales and leasing of its current projects and remain vigilant to changes in its operating environment," Guocoland said in its financial results, adding that it expects to remain profitable for the year.