GuocoLand Ltd has reported a net loss of $2.8 million for the fiscal first quarter ended 30 September, down from a net profit of $27.7 million a year ago.
This was mainly attributed to unrealised mark-to-market foreign exchange loss of $19.2 million arising primarily from the revaluation of US$300 million bank loans as the US dollar appreciated against the Singapore dollar.The group's revenue decreased by 20 per cent to $153.1 million as compared to the previous corresponding period mainly due to lower revenue recognised for property development projects in China.
Earnings per ordinary share for the period was a negative 0.34 cents.
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