Guocoland's Q3 earnings plunge 77%

REAL estate developer Guocoland's earnings plunged in the third quarter after a one-time gain in the year-ago period.

Net profit for the three months ended March 31 plummeted 77 per cent year-on-year to S$11.31 million, on the back of a 49 per cent dive in revenue from the previous year to S$165.95 million, the group said in a Singapore Exchange filing on Thursday.

It said the drop in revenue was mainly due to an en-bloc sale of serviced apartments in Shanghai Guoson Centre in the year-ago period.

"Although gross profit decreased corresponding to the drop in revenue, margin remains stable at approximately 30 per cent," it added.

Earnings per share for Q3 stood at 0.8 Singapore cent, a steep drop from 4.24 Singapore cents the previous year.

Net asset value per share was S$2.95 as at March 31 this year, up from S$2.65 as at June 30 last year.

Guocoland shares lost a cent to end at S$1.89 on Thursday before its results were released.