Guocoland reported revenue of RM119.2 million and profit before tax of RM9 million for the current quarter under review as compared to revenue of RM102.5 million and profit before tax of RM3.8 million in the preceding year’s corresponding quarter.
Net profit for the quarter came in at RM4.78 million against RM1.57 million in 2022.
The developer said the higher Group revenue reported this quarter was primarily due to higher contributions from the property development division following the completion of the first phase of Emerald 9 projects in Cheras in the current quarter.
It added the performance of the hospitality division has also improved with higher occupancy and better average room rates recorded from the increase in tourist arrivals and enhanced domestic commercial and social activities.
The Group incurred lower finance costs mainly due to lower outstanding loans and borrowings despite the rise in interest rates. The share of results of associates and joint ventures reported a higher profit recognition from the construction progress of our active projects in Rawang and the completion of Mallow Lakepark Homes in the current quarter
Quarter versus preceding quarter, the group recorded a profit before tax in the current quarter of RM9 million as compared to a profit before tax of RM27.5 million in the immediate preceding quarter. The decrease it said was mainly attributed to the sale of a parcel of land located in Mukim and District of Jasin, Melaka that contributed profit before tax of RM12.7 million recognised in the immediate preceding quarter
Moving forward, Guocoland said the strategies remain on monetising its inventories, advancing development projects for timely completion, and introducing new products in line with prevailing market conditions. Furthermore, the Group remains vigilant in seeking opportunities to expand its landbanks.
