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Guocoland earnings for 1H21 drop 69% to $22.9 mil on higher tax expense and lower revenue

Felicia Tan
Felicia Tan2/4/2021 7:29 PM GMT+08  • 3 min read
Guocoland earnings for 1H21 drop 69% to $22.9 mil on higher tax expense and lower revenue
Revenue for the half-year period stood 44% y-o-y lower at $319.6 million mainly due to lower progressive recognition of sales.
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Guocoland Limited reported earnings of $22.9 million for the 1HFY2021 ended December, 69% lower than earnings of $74.5 million in 1HFY2020.

The lower earnings were mainly due to higher tax expense of $31.9 million arising from related taxes for the disposal of the cultural building within the Guoco Changfen City project in Shanghai, China.

The higher tax expense was offset by a 58% increase in other income to $25.2 million partly due to the fair value gain on derivative financial instruments and the completion of the disposal of Guoco Changfen City.

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