KUALA LUMPUR (Apr 17): Guocoland (Malaysia) Bhd has sunk into its fourth straight quarter of losses, posting a net loss of RM6.96 million in its third financial quarter ended March 31, 2019 (3QFY19), against a net profit of RM63.58 million in the previous corresponding quarter last year, due to lower sales of completed units.  

As the domestic property market is projected to remain lacklustre for the rest of 2019 owing to continued weak market and consumer sentiments, the property developer will time new launches in line with market sentiments. 

"The overall momentum and prospects of the property market in the short term is expected to remain soft and challenging. Moving forward, the group will launch its projects according to prevailing market sentiments,” it said in a bourse filing today. 

Loss per share for the third quarter amounted to 1.04 sen against an earnings per share of 9.49 sen in 3QFY18, which earnings included a gain on disposal of hotels amounting to RM104 million. 

Revenue for the quarter, however, rose by a third to RM95.16 million, from RM71.34 million in the same quarter last year.  

Guocoland attributed the topline increase to revenue recognised from the launch of Emerald Hills in Cheras, but pointed out that its overall performance was mitigated by lower sales of completed units.

For the cumulative nine months (9MFY19), the property developer recorded a net loss of RM20.83 million against a net profit of RM55.21 million in the same period the previous year. Revenue declined by 17.4% to RM283.34 million, from RM342.99 million before. 

Shares of Guocoland closed down 1 sen or 1.33% to 74 sen today, for a market capitalisation of RM518.34 million.