Thursday 28 Mar 2024
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KUALA LUMPUR (April 12): Property developer Guocoland (Malaysia) Bhd’s net profit grew 15% to RM13.35 million or 1.99 sen a share for its third financial quarter ended March 31, 2016 (3QFY16), from RM11.6 million or 1.74 sen a share a year ago, mainly due to the disposal of its Changkat Kia Peng land here, coupled with a major increase in contribution from its residential project in Damansara City.

This is partly offset by the lower contributions from the group’s projects in Commerce One, Amandarii Kajang and PJ City.

Revenue for 3QFY16 almost tripled to RM143.47 million, from RM52.75 million in 3QFY15.

For the cumulative nine months ended March 31, 2016 (9MFY16), its net profit rose 56% to RM27.21 million or 4.06 sen a share, from RM17.43 million or 2.6 sen a share a year ago; while revenue jumped 83% to RM250.28 million, from RM136.55 million.

In a filing with Bursa Malaysia today, Guocoland said the property market outlook and sentiment continue to be cautious, amid uncertain economic environment.

"The board foresees a challenging year ahead. The group will continue to focus on timely completion of its development projects and to monetize its inventories," it added.

Guocoland shares closed one sen or 0.81% higher at RM1.24 today, giving it a market capitalisation of RM868.57 million.

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