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NewsGuocoland 3Q net profits rises 79% to RM15.7 million
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Guocoland 3Q net profits rises 79% to RM15.7 million
by Cals Mon 21 Apr 2014, 19:57
| Guocoland 3Q net profits rises 79% to RM15.7 million |
| Business & Markets 2014 |
| Written by Jonathan Gan of theedgemalaysia.com |
| Monday, 21 April 2014 18:30 |
KUALA LUMPUR (Apr 21): Guocoland (M) Bhd net profit for the 3rd financial quarter ended 31st March 2014 rose 79% to RM15.7 million from RM 8.7 million in a similar quarter a year ago.
The higher profit was mainly due to "higher profit recognised from the on-going project in PJ city as well as the newly launched development project in Damansara City”, the company said in a statement to Bursa.
Revenue for the quarter fell to RM58.4 million from RM106.03 million in a similar quarter a year ago.
This was because the preceding year's corresponding quarter had the benefit of the sale of lands in Cheras amounting to RM68.6 million, the statement said.
Net profit for the 9 months rose to RM40.91 million from RM27.83 million last year. Cumulative revenue for the year fell to RM 178.59 million from RM188.46 million.
On prospects, the group expects to perform better in the current financial year on the back of good performance of the property development segment and continued contribution from associates and jointly controlled entities as well as the hotel segment.
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