mr funny
30-01-11, 22:39
http://www.businesstimes.com.sg/sub/companies/story/0,4574,423773-1296244740,00.html?
Published January 28, 2011
GuocoLand's Q2 net profit sinks 64%
Lower gains from China development projects behind fall
By TEH SHI NING
GUOCOLAND'S second-quarter net profit sank 64 per cent to $21.6 million, from $60.4 million a year ago, due to lower gains from development projects in China.
This came as revenue for the three months ended Dec 31, 2010, fell 55 per cent from the same quarter a year earlier to $162.8 million. While this meant net profit too was lower overall, GuocoLand's share of profit from associates for Q2 rose $5.9 million, mainly due to the successful sale of a penthouse unit by a Singapore associate company.
Earnings per share dipped to 2.39 cents from 6.8 cents a year earlier. Net asset value per share also fell to $2.14 as at Dec 31 compared to June 30's $2.42.
Comparing its performance in the financial year so far to the first half of the previous financial year, GuocoLand said that it recognised higher profit from Singapore development projects, as construction of Goodwood Residence, Sophia Residence and Elliot at the East Coast got underway. But China's performance weakened from the strong base of the comparative period a year earlier, which had seen the launch of Nanjing Ascot Park and SOHO units in the Shanghai GuoSon Centre.
The group said in a statement yesterday that it expects continued economic growth in its core markets of Singapore and China, and that governments in both countries are adopting pro-active measures to prevent overheating in the property markets. Hence, it 'remains optimistic on the medium and long-term prospects of real estate investments in both markets'.
In November 2010, GuocoLand successfully tendered for a prime location land parcel near Tanjong Pagar MRT station in the Central Business District, for a bid price of $1.71 billion. 'Whilst pursuing attractive opportunities, the group continues to be vigilant and cautious of the inherent risks,' the company said.
GuocoLand's share price rose two cents to close at $2.78 yesterday.
Published January 28, 2011
GuocoLand's Q2 net profit sinks 64%
Lower gains from China development projects behind fall
By TEH SHI NING
GUOCOLAND'S second-quarter net profit sank 64 per cent to $21.6 million, from $60.4 million a year ago, due to lower gains from development projects in China.
This came as revenue for the three months ended Dec 31, 2010, fell 55 per cent from the same quarter a year earlier to $162.8 million. While this meant net profit too was lower overall, GuocoLand's share of profit from associates for Q2 rose $5.9 million, mainly due to the successful sale of a penthouse unit by a Singapore associate company.
Earnings per share dipped to 2.39 cents from 6.8 cents a year earlier. Net asset value per share also fell to $2.14 as at Dec 31 compared to June 30's $2.42.
Comparing its performance in the financial year so far to the first half of the previous financial year, GuocoLand said that it recognised higher profit from Singapore development projects, as construction of Goodwood Residence, Sophia Residence and Elliot at the East Coast got underway. But China's performance weakened from the strong base of the comparative period a year earlier, which had seen the launch of Nanjing Ascot Park and SOHO units in the Shanghai GuoSon Centre.
The group said in a statement yesterday that it expects continued economic growth in its core markets of Singapore and China, and that governments in both countries are adopting pro-active measures to prevent overheating in the property markets. Hence, it 'remains optimistic on the medium and long-term prospects of real estate investments in both markets'.
In November 2010, GuocoLand successfully tendered for a prime location land parcel near Tanjong Pagar MRT station in the Central Business District, for a bid price of $1.71 billion. 'Whilst pursuing attractive opportunities, the group continues to be vigilant and cautious of the inherent risks,' the company said.
GuocoLand's share price rose two cents to close at $2.78 yesterday.