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.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook