{"id":41548,"date":"2017-01-23T10:29:14","date_gmt":"2017-01-23T03:29:14","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/guocoland-posts-s57-12mil-net-profit-in-q2\/"},"modified":"2017-01-23T10:41:09","modified_gmt":"2017-01-23T03:41:09","slug":"guocoland-posts-s57-12mil-net-profit-in-q2","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/guocoland-posts-s57-12mil-net-profit-in-q2\/","title":{"rendered":"GuocoLand posts S$57.12mil net profit in Q2"},"content":{"rendered":"


\nThanks to higher earnings of a subsidiary, GuocoLand\u2019s net profit surged by 46 percent to S$57.12 million for the second quarter ended 31 December 2016 compared to S$39.03 million in the prior year. However, revenue slid by 3.0 percent to S$231.98 million versus S$239.50 million previously.
\n\u201cShare of profit from associates and joint ventures increased by S$44.1 million in the current quarter. This was due to higher profit contributed by an associate in Malaysia, arising from the completion of its disposal of a parcel of land located in Mukim and District of Sepang, Selangor,\u201d said the developer in an SGX filing.
\nHowever, revenue for the six months that ended last December fell by 36 percent year-on-year to S$434.7 million, as the sale of an office block in Shanghai Guoson Centre propelled the revenue to S$679.34 million in the corresponding period in 2015.
\nAs a result, its net profit for the half year period slumped by 85 percent to S$82.8 million from S$555.53 million previously. Nevertheless, administrative and tax expenses respectively declined by 35 percent and 83 percent amidst sluggish business activity.
\nMeanwhile, GuocoLand completed the acquisition of a residential site at Martin Place in Singapore for a bid price of S$595.1 million during the six-month period.
\nLast November, it also won the right to develop a mixed-use site measuring 48,961 sq m in Chongqing, China for a bid price of 3.64 billion yuan (S$747.91 million). The commercial and residential project will be jointly undertaken with Hong Leong Holdings (China) Pte Ltd, which holds a 25 percent stake in the development.
\n\u201cPayment for the land parcels will be progressive and is expected to be completed by the end of calendar year 2017. Consequentially, inventories increased by 40 percent to S$3.38 billion as at 31 December 2016,\u201d it added.
\n\u00a0
\nChristopher Chitty, Senior\u00a0Content Specialist\u00a0at PropertyGuru, edited this story. To contact him about this or other stories, email christopher@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…GuocoLand posts S.12mil net profit in Q2<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Thanks to higher earnings of a subsidiary, GuocoLand\u2019s net profit surged by 46 percent to...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-41548","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-aO8","jetpack-related-posts":[{"id":78747,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/guocoland-q2-revenue-grows-60\/","url_meta":{"origin":41548,"position":0},"title":"GuocoLand Q2 revenue grows 60%","date":"February 2, 2018","format":false,"excerpt":"\r The strong financial results was due mainly to good sales and higher revenue recognition from Singapore residential projects. GuocoLand\u2019s revenue surged by 60 percent year-on-year to $370.56 million in the second quarter ended 31 December 2017, due mainly to higher sales and contributions from its housing developments in Singapore,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112328,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-down-7-in-q3\/","url_meta":{"origin":41548,"position":1},"title":"UOL net profit down 7% in Q3","date":"November 13, 2019","format":false,"excerpt":"\r The drop in revenue was partially offset by higher progressive recognition of revenue from The Tre Ver and Amber45, as well as higher sales from the group\u2019s management services and technology segment. Photo: UOL UOL Group saw its net profit for the third quarter ended 30 September 2019 drop\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62970,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-up-59-in-q2\/","url_meta":{"origin":41548,"position":2},"title":"UOL net profit up 59% in Q2","date":"August 7, 2017","format":false,"excerpt":"\r Mainly due to higher revenue recognition from its Singapore condominium project, Principal Garden, UOL saw its net profit increase from\u00a0S$68.8 million in Q2 2016 to S$109.4 million in the second quarter of 2017. 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