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

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.