Property developer Guocoland said the half year net profit of its Malaysian subsidiary for the period ending 31 December 2009 has declined 12.4 per cent to S$3.39 million compared to the previous year.
This is despite its revenue for the six-month period has more than doubled to S$36.6 million due to higher proceeds from property development.
Guocoland Malaysia’s second quarter net profit fell by 75.3 per cent to S$604,000 compared to the second quarter in 2008.
Its second quarter revenue increased more than doubled to S$18.9 million.
The company expects better performance for the current financial year compared to the previous year.
Source : Channel NewsAsia – 20 Jan 2010
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