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PROPERTY developer GuocoLand Limited reported net profit of S$25.6 million for its first quarter ended Sept 30, down 95 per cent from S$516.5 million a year ago.
Revenue was down 54 per cent to S$202.8 million, from S$439.8 million a year ago.
Lower revenue was mainly due to the absence of contribution from the sale of an office block in Shanghai Guoson Centre a year ago.
Lower profits were mainly due to the lack of a one-time gain from the disposal of subsidiaries relating to the Dongzhimen project a year ago.
The counter closed trading at S$2, down two Singapore cents, before results were out.