GuocoLand Q2 earnings up almost threefold on Martin Modern sales

PROPERTY developer GuocoLand saw earnings rise almost threefold to S$32.4 million for Q2 ended December. This was buoyed by a doubling in revenue to S$299.6 million, thanks to higher progressive recognition of sales from Martin Modern.

The Q2 bottomline translates to an earnings per share of 2.49 cents for the quarter, up from 0.55 cent a year ago. The earnings surge was partly offset by a doubling in other expenses to S$13.3 million, due to higher fair-value losses on derivative financial instruments. GuocoLand also saw its share of profits, net of tax, from associates and joint ventures drop 89 per cent to S$993,000, due to a lower share of profit from its Shanghai joint venture, and losses from a joint venture in Singapore. The latter has incurred costs for the development project, which launched on Jan 11.

For H1 FY2020, GuocoLand saw earnings double to S$74.5 million, while revenue rose 84 per cent to S$572.1 million. The bottomline was partly offset by a 25 per cent rise in administrative expenses to S$47.4 million, in line with higher sales activities.GuocoLand's gearing was approximately 1.1 times as at end-2019, with cash holdings of S$690.4 million and borrowings of S$5.2 billion.

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