GuocoLand reported revenue of RM121.3 million and profit before tax of RM9.3 million for the current quarter under review as compared to revenue of RM334.9 million and profit before tax of RM150.9 million in the previous corresponding quarter
For 2021, the Group had disposed of a parcel of land located in Melaka for RM260.2 million and a profit before tax of RM157.7 million. Excluding this for comparison, the Group recorded a better performance in the current quarter with higher revenue of RM46.6 million and profit before tax of RM16.1 million as compared to the previous corresponding quarter. The improved results were mainly attributable to higher contributions from the property development division and lower losses incurred by the hospitality division.
The property development division reported a better performance due to the contributions from projects in Emerald 9 and Emerald Hills in Cheras. Guoco added that the performance of the hospitality division has improved with higher occupancy and average room rates due to the relaxation MCO.
The Group recorded revenue of RM262 million and profit before tax of RM10.3 million for the current financial period as compared to revenue of RM517.2 million and profit before tax of RM162.2 million in the previous corresponding financial period.
On the future outlook, the group says it will continue to focus on monetising its inventories and progressing its development projects for timely completion. New product launches will be phased according to prevailing market conditions. It remains alert to opportunities to increase its landbank.
Separately, Guoco had made a provision of RM14 million in the previous year’s corresponding quarter in relation to the tax claim by IRB as highlighted in Note 10. As stated, it had reached a settlement agreement with IRB in the current financial period.