GuocoLand has suffered a 43 per cent drop in its net profit to S$161.8 million for the financial year ended June.
The group attributed the sharp contraction largely to lower property sales in Singapore.
Lower revaluation gain on investment properties and higher income tax expenses incurred from its projects in China were also blamed for the fall.
Revenue for the period slid 4 per cent to S$670.9 million.
The group said Asian property markets are slowing as a result of rising inflation.
But in the medium term, it expects the economies in these countries to stay resilient and grow.
Source : Channel NewsAsia – 22 Aug 2008