Guocoland Q3 net profit down 37.5%

PETALING JAYA: Guocoland (Malaysia) Bhd saw its net profit in the third quarter ended March 31, 2017 decline 37.5% to RM8.34 million, from RM13.35 million in the previous corresponding quarter due to the higher profits contributed by the disposal of land in Changkat Kia Peng, Kuala Lumpur, land in the preceding year's corresponding quarter.
Revenue fell 35.8% to RM92.14 million, from RM143.5 million in the same period last year, due to lower contribution from a residential project in Damansara City.
For the nine months, Guocoland's net profit jumped more than fourfold to RM119.4 million, from RM27.2 million a year ago, but revenue decreased 24% to RM190.3 million, from RM250.3 million previously.
On prospects, Guocoland said it expects the property market and sentiment to remain subdued, and foresees a challenging year ahead.