GuocoLand Q1 profit plunges 95% at S$25.6m due to one-offs from a year ago

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.