Friday, August 22, 2008

GuocoLand's FY08 Net Profit Drops 43%

Source : The Business Times, August 22, 2008

Property developer GuocoLand Limited on Friday reported net profits of S$161.8 million for the financial year ended June 30 - 43 per cent down from a year ago.

Group revenue shed a slight four per cent to S$670.9 million.

Earnings per share for the year stood at 20.17 cents, less than half of that for FY2007.

The decrease in net profit was largely due to lower gross profit contribution from sales of property development projects in Singapore, lower revaluation gain on investment properties and higher income tax expense mainly from the group's property development projects in China.

GuocoLand declared a dividend of eight cents per ordinary share.

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