GuocoLand reports 15% rise in H1 net profit to S$60.6m

Property developer GuocoLand has reported a net profit of S$60.6 million for its half year ended December 31.

That was a 15 percent increase compared to the same period a year ago. Revenue rose 114 percent to S$402 million.

However, net profit in the second quarter actually fell 26 percent to S$33 million. This was due to the absence of an exceptional gain that was booked in the year-ago period.

GuocoLand also reported losses linked to foreign exchange hedging.

Going forward, GuocoLand is looking to develop more residential properties in the prime districts of Singapore. It will build residential properties on the sites of the existing Sophia Court and Leedon Heights.

It is also expanding its footprint in China, Malaysia and Vietnam.

The developer said that although the spectre of a recession is looming over the US economy, China and India are expected to remain resilient.

Barring unforeseen circumstances, GuocoLand expects to report satisfactory results for its third quarter and full year. – CNA/ms

Source : Channel NewsAsia – 30 Jan 2008

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