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Huge Q1 profit jump for GuocoLand

GUOCOLAND posted a higher first quarter net profit of S$165.55 million, up from S$25.64 million a year-ago.

Earnings per share were 14.92 Singapore cents compared to 2.31 Singapore cents.

Revenue for the first quarter ended Sep 30 jumped 79 per cent to S$361.98 million.

Gross profit surged 41 per cent to S$60.38 million mainly due to higher sales and progressive revenue recognition from its residential projects in Singapore.

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It also posted S$170.54 million in share of profit of associates and joint ventures, a reversal from a loss of S$119,000 for a year-ago period.

GuocoLand pointed to two key signs of commercial and residential property markets strengthening in Singapore. Flash estimates released by the Urban Redevelopment Authority for the third quarter reflected a 0.5 per cent increase in private residential property prices after 15 consecutive quarters of decline.

Separately, several property consultants have indicated that Grade A office rents in the Central Business District may have picked up.

It highlighted its intent to develop a new iconic city-centre work-live-play destination at a prime commercial site it secured in Beach Road.