PETALING JAYA: Guocoland (M) Bhd posted a 78% decline in net profit to RM2.78mil for the first quarter ended Sept 30, from RM12.94mil in the same quarter a year ago.
Revenue during the quarter was halved to RM28.5mil from RM61.04mil last year, mainly due to lower contribution from Guocoland’s commercial project in PJ City, Old Klang Road and the residential project in Kajang.
“These projects have contributed significantly in the previous year corresponding quarter,” it said in its filing with Bursa Malaysia yesterday.
Moving forward, it expects the property market outlook and sentiment to remain cautious due to Bank Negara’s credit tightening rules and rate increases.
“Under the aforesaid operating environment, the operating performance of the group is expected to be challenging for the current financial year,” it said.
Stock: [GUOCO]: GUOCOLAND (MALAYSIA) BHD
2014-10-17 12:18 | Report Abuse
http://m.thestar.com.my/story.aspx?hl=Guocoland+posts+lower+net+profit&sec=business&id=%7BDEECE867-3874-44C7-9A3B-79128F78835F%7D
Guocoland's Q1 earnings down 78% to RM2.78m
PETALING JAYA: Guocoland (M) Bhd posted a 78% decline in net profit to RM2.78mil for the first quarter ended Sept 30, from RM12.94mil in the same quarter a year ago.
Revenue during the quarter was halved to RM28.5mil from RM61.04mil last year, mainly due to lower contribution from Guocoland’s commercial project in PJ City, Old Klang Road and the residential project in Kajang.
“These projects have contributed significantly in the previous year corresponding quarter,” it said in its filing with Bursa Malaysia yesterday.
Moving forward, it expects the property market outlook and sentiment to remain cautious due to Bank Negara’s credit tightening rules and rate increases.
“Under the aforesaid operating environment, the operating performance of the group is expected to be challenging for the current financial year,” it said.