GuocoLand’s profit plunged 70% to $25.5m in Q1

There were no one-off gains this quarter.

It has not been a good quarter for GuocoLand’s shareholders, after the mainboard-listed property developer reported a 70% year-on-year decline in its profit for its first quarter ended September 30. GuocoLand’s profit for the period dropped to $25.5m in Q1, compared to $84.7m a year ago.

Its profit attributable to equity shareholders dropped 68% from $83.7m last year to $27m. Last year’s figures were boosted by a once-off gain from the disposal of subsidiaries in the previous corresponding quarter.

Revenue for the current quarter declined by 4% to $223.6m. This was because higher revenue recognized from Goodwood residence and leedon residence in singapore was offset by lower revenue recognised for Seasons Park in Tianjin, China.

Despite the drop in revenue, gross profit increased by $22.6m to $66.9m for the current quarter.