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.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

What to watch as fourth-quarter earnings kick into high gearU.S. corporate reporting season is expected to show lackluster profit growth, and it has already gotten off to a bumpy start, with big banks ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Record high stocks pause to gauge Sino-US trade outlook, company earningsWorld stocks eased off record highs on Wednesday and U.S. and German bond yields slipped as euphoria over a Sino-U.S. trade deal was depleted by U.S.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »