GuocoLand Q2 profit plunges 83.6% to S$10.9m
Lower sales of completed residential units cited
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Singapore
DEVELOPER GuocoLand's net profit for the second-quarter ended Dec 31, 2018, sharply decreased 83.6 per cent to S$10.9 million, due to both the completion of a residential project in the previous corresponding quarter and lower sales of completed residential units.
Revenue fell 61.4 per cent to S$142.9 million, which the group attributed in part to higher progressive revenue recognition in the same quarter a year ago. Sims Urban Oasis obtained its Temporary Occupation Permit (TOP) in October 2017.
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