Staff Reporter
,
Singapore
Due to revenue recognition from Shanghai.
Guocoland reported that its net profit suged 130% year-on-year to $49.5m in the third quarter, thanks mostly to revenue recognition for the sale of serviced apartments in Shanghai Gouson Centre.
Its revenue grew 21% year-on-year to $325.9m. Administrative expenses increased from $19.4 million to $26.7 million in the current quarter mainly due to higher sales and marketing expenses incurred in Singapore.
Finance costs reduced by 22% mainly due to higher capitalisation of interest expenses and repayment of some loans during the period.
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