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GuocoLand’s FY16 earnings more than double to $608 mil on disposal gain

PC Lee
PC Lee8/29/2016 10:43 PM GMT+08  • 2 min read
GuocoLand’s FY16 earnings more than double to $608 mil on disposal gain
SINGAPORE (Aug 29): Developer GuocoLand more than doubled its FY16 earnings ended June to $606.7 million from $226.4 million a year ago on higher other income which increased by $523.5 million mainly due to a gain from the group’s disposal of subsidiari
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SINGAPORE (Aug 29): Developer GuocoLand more than doubled its FY16 earnings ended June to $606.7 million from $226.4 million a year ago on higher other income which increased by $523.5 million mainly due to a gain from the group’s disposal of subsidiaries relating to the Dongzhimen project.

Revenue dipped 9% to $1.06 billion from $1.26 billion mainly due to lower revenue recognised for Singapore and China. This was due to the absence of contribution from Goodwood Residence and Seasons Park as these were substantially sold in the previous financial year.

In addition, the sale of the serviced apartments in Shanghai Guoson Centre was also completed in the previous financial year.

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