GuocoLand has reported a 240 percent jump in first quarter profits from a year ago. The property developer booked earnings of S$27.7 million for the three months to September, fuelled mainly by property development projects in China.
The company also achieved a 117 percent improvement in revenue to S$191 million.
Other income increased from S$9 million to nearly S$16 million, as a result of foreign exchange gains from the revaluation of US dollar bank loans.
However, finance costs were also up - by 74 percent to S$13 million.
This was due to an increase in bank loans and convertible bonds. - CNA/ms
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