Goucoland reported revenue of RM119.6 million and profit before tax of RM7.9 million for the current quarter FY24 Q2 as compared to revenue of RM76.9 million and profit before tax of RM12.7 million in the preceding year corresponding quarter.
The group said the improved revenue reported this quarter was primarily due to increase contribution from the property development division mainly arising from higher progressive profit recognition in North Tower of Emerald Hills in Cheras and better sales from our Oval project. Notwithstanding the increase in revenue, the gross profit was lower mainly due to better gross margin recorded in the immediate preceding year corresponding quarter following the finalisation of the development cost of Garden Terrace and South Tower of Emerald Hills and further suppressed by the rise of construction cost from material price increases.
The group said it also incurred lower finance cost mainly due to decrease in outstanding loans and borrowings, which mitigated the impact of higher interest rate. The share of results of associates and joint ventures reported lower contributions as there are fewer on-going projects in its Rawang projects in the current quarter, following the completion of Mallow Lakepark Homes and Garland Residence 2.
For the 2 quarters combined, the group recorded revenue of RM238.8 million and profit before tax of RM16.9 million compared to revenue of RM183.7 million and profit before tax of RM16.5 million in the preceding year corresponding financial period.
Goucoland said it incurred higher administrative expenses by RM1.4 million in the current financial period arising mainly from increased casual workers employed and higher general expenses in line with the better performance in hospitality division. The higher finance income by RM1.0 million is contributed by the increase in deposit interest rate. The finance cost incurred by the Group reduced by RM1.1 million as compared to the preceding year corresponding financial period largely contributed by lower outstanding loans and borrowings, which mitigated the impact of higher interest rate.
