KUALA LUMPUR (Jan 22): Guocoland (M) Bhd saw its net profit for the second quarter ended Dec 31, 2014 (2QFY15) fallen 75.4% to RM3.02 million or 0.45 sen a share; while revenue fell to RM55.3 million, from RM59.1 million previously.

In its filing to Bursa Malaysia, the property developer said there was lower contribution from its commercial projects in Petaling Jaya City and Old Klang Road, as well as the residential project in Kajang. Aside of this, lower contribution from associates and joint ventures had also resulted in lower earnings, it added.

For the cumulative six month (1HFY15), Guocoland (fundamental: 1.6; valuation: 1.8) saw its net profit fallen 76.98% to RM5.8 million or 0.87 sen per share, as revenue retreated by 30.25% to RM83.81 million.

Moving forward, Guocoland said the property market outlook and sentiment continue to be cautious, amid banks' credit tightening measures and volatile economic environment.

"Hence, the performance of the group is expected to be challenging for the current financial year," it added.

The stock closed at RM1.39 today — down 2 sen or 1.42%, with 290,300 units of shares traded. It had a market capitalisation of RM987.65 million.

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