GuocoLand Q3 profit up on higher sales, progressive revenue recognition

Singapore

PROPERTY developer GuocoLand Limited posted a net profit of S$29.57 million for its third quarter ended March 31, 2017, up from S$11.31 million a year ago, in part due to movements in foreign exchange and fair value changes on foreign exchange hedges.

Revenue rose 63 per cent to S$271.08 million from S$165.95 million year on year, contributed by higher sales and progressive revenue recognition from Singapore's residential projects.