SINGAPORE (April 20): Guocoland saw 3Q earnings more than double to $29.6 million from $11.3 million a year ago.

Revenue for the 3Q ended March increased by 63% to $271.1 million while gross profit increased by 28% to $63.2 million.

These were contributed by higher sales and progressive revenue recognition from Singapore’s residential projects as compared to the previous corresponding quarter.

Other income increased by $4.3 million and other expenses decreased by $9.5 million as compared to the previous corresponding quarter.

This was mainly due to movements in foreign exchange and fair value changes on foreign exchange hedges.

Finance costs increased by $10.3 million to $21.7 million in the current quarter mainly due to lower capitalisation of finance costs with the Temporary Occupation Permits for Tanjong Pagar Centre’s office and basement retail components obtained in October 2016.

For the nine months ended Dec, earnings fell 79% to $121.3 million from a year ago as other income for the current period fell by 91% to $53.5 million as a result of the one-time gain from the disposal of subsidiaries relating to the Dongzhimen project in the previous corresponding period.

In its outlook, Guocoland says flash estimates released by the Urban Redevelopment Authority in Singapore showed that private residential property prices for the 1st quarter 2017 continued to fall.

However, new home prices increased in 56 cities out of 70 cities in February, up from 45 cities in January. In March, the authorities announced new property tightening policies in some of the larger cities to cool the property market.

In Malaysia, the group will continue to focus on sales and leasing of its current projects amid challenging operating conditions.

Shares of Guocoland closed 1 cent higher at $1.84 on Thursday.