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GuocoLand Q2 bottom line boosted by profit contribution from associate
DEVELOPER GuocoLand reported a 46 per cent year on year jump in net profit to S$57.12 million for the second quarter ended 31 Dec 2016, bolstered by profits from an associate.
Revenue slid 3 per cent to S$231.98 million while earnings per share clocked 5.15 Singapore cents, up from 3.29 cents a year ago.
For the quarter under review, share or profit from associates and joint ventures soared to S$44.79 million versus just S$724,000 a year ago. This was due to higher profit contributed by a Malaysia-based associate, arising from the disposal of a parcel of land.
For the six-month period, net profit fell 85 per cent to S$82.77 million while revenue sank 36 per cent to S$434.74 million.