Mainboard-listed developer Guocoland on Friday said its net profit rose 9 per cent on-year to S$13.4 million in the first quarter ended September 30.
This is compared to S$12.4 million for the same period last year.
Revenue for the three months ended September grew 15 per cent to S$109.9 million.
This is largely due to progress in the construction of development projects such as Goodwood Residence, Sophia Residence and Elliot at the East Coast.
During the quarter, Guocoland jointly tendered successfully with Guoco Group for a land parcel known as Plot 9 in Changfeng, Shanghai.
Looking ahead, Guocoland said the proposed renounceable rights issue of shares announced on August 27 has been approved by shareholders on Friday.
It intends to use the net proceeds from the rights issue of approximately S$532 million to fund potential acquisitions, reduce bank borrowings and for other general working capital purposes.
Source : Channel NewsAsia – 15 Oct 2010