GuocoLand's Q2 earnings nearly triple on boost from Martin Modern sales

Singapore

PROPERTY developer GuocoLand saw its second-quarter net profit near triple to S$32.4 million from S$10.9 million as revenue more than doubled to S$299.6 million from S$142.9 million, thanks to higher progressive recognition of sales from Martin Modern.

Earnings per share for the three months ended Dec 31 swelled to 2.49 Singapore cents from 0.55 cent a year earlier. The earnings surge was aided by a 23 per cent fall in finance costs to S$26.3 million, due to higher capitalisation of costs compared to the prior year.