Guocoland reports loss of S$70.2m on revaluation loss on property, write-downs

Mainboard-listed developer Guocoland has posted a full year net loss of S$70.2 million, reversing a S$161.8 million net profit in the previous financial year.

The net loss was mainly due to a revaluation loss of S$81million on its Tung Centre property, write-downs in values of development properties in Malaysia and foreign exchange losses.

Revenue for the financial year ended June fell 24 per cent to S$513 million, mainly because of lower contribution from development properties in Singapore and China.

Guocoland believes that property values in Singapore and China have improved in recent months.

It said buying sentiment continues to be strong in Singapore, especially in the mass market and mid-end segments.

The developer will be launching a freehold condominium project at the East Coast later this year.

Source : Channel NewsAsia – 27 Aug 2009

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