GuocoLand's Q4 profit soars; Sim Lian's full year flat

PROPERTY companies GuocoLand and Sim Lian Group issued their latest financial report cards on Thursday with a similar prognosis - the slew of property curbs in Singapore has been taxing on the once-upon-a-time booming private residential space here for these builders.

GuocoLand earned a nearly six-fold jump in net profit to S$186.11 million from S$32.22 million a year ago, led mostly by gains from the sale of a subsidiary and fair value gains from investment properties. Earnings from completed developments by joint ventures in Malaysia also contributed its fair share in the better results.

Revenue jumped three-fold to S$492.89 million from S$168.56 million owing to units sold for Goodwood Residence in Singapore and Seasons Park in Tianjin China. The firm posted earnings per share of 16.55 Singapore cents for the quarter, significantly up from 2.82 Singapore cents a year ago. It has proposed a first and final dividend of five Singapore cents per share, unchanged from a year ago.