GuocoLand’s net profit plummets 63% to $39.8 million

Sold properties slammed profit for the period.

The sellout of some of GuocoLand Limited’s properties hit its quarterly results as profit attributable to equity holders of the company plunged 63% to $39.8 million in 4QFY16 ended 30 June 2016 compared to $107.3 million in the same corresponding quarter in FY15.

GuocoLand said revenue dropped 16% to $214.5 million for the current quarter. This is due to lower revenue recognised as Goodwood Residence in Singapore and Seasons Park in Tianjin, China were sold in the previous financial year.

On a full year basis, group revenue dipped 9% to $1.1 billion in FY16 ended 30 June 2016, but profit attributable to equity holders of the company shot up 168% to $606.7 million in FY16.