GuocoLand Q3 net profit up 7% to S$31.5m

THIRD-quarter net profit at property firm GuocoLand rose 7 per cent to S$31.5 million despite a slide in revenue, largely due to non-controlling interests' share of the results.

Revenue for the three months ended March 31 decreased 15 per cent from a year earlier to S$230.6 million and gross profit fell by 5 per cent to S$60.1 million.

The group said its completed residential projects, especially those in Singapore, have recorded healthy sales in the past quarters and have brought down its inventory of completed unsold units substantially.

While its Martin Modern project which is still under construction has also logged strong sales, revenue contributions from this project in the current quarter are not substantial as revenue is recognised on a progressive basis.

These factors have resulted in lower revenue recognised for the group's residential projects compared with the previous corresponding quarter.

However, lower revenue recognition from the residential projects was partially offset by higher revenue from the group's property investment business.

Earnings per share for the quarter was 2.62 Singapore cents, down from 2.66 Singapore cents a year earlier.

Net asset value per share was S$3.35 as at March 31, up from S$3.18 as at June 30 last year.