Property developer GuocoLand said net profit for the 4Q ended June 30 fell by nearly half to $32.2 million from $63 million from a year ago.
The decrease came on the back of a 47% fall in revenue to $168.6 million.
The fall in revenue and gross profit were mainly due to lower progressive recognition for Goodwood Residence.
The forfeit of a buyer's deposit amounting to $41.9 million for the purchase of certain Goodwood Residence units under the deferred payment scheme was also recorded in other income.
Thursday, August 29, 2013
GuocoLand's Q4 net profit halves to $32.2 mil
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