GuocoLand records a $60.4m net profit for Q2

GuocoLand has recorded a remarkable recovery in its net profit in the second quarter.

The real estate developer posted a net profit of $60.4 million for its Q2 ending December 31, a hefty increase from its $900,000 earnings a year ago.

The higher profit contribution for Q2 was mainly from its real estate development projects in China.

The sale of an office block in the Changfeng project and the robust sales from its Ascot Park development both contributed to the higher earnings in the quarter.

Revenue for the quarter also surged 284 percent to $363.7 million over the same period last year.

Administrative expenses for Q2 rose 46 percent to $13.1 million, mainly due to other administrative expenses and higher staff expenses.

GuocoLand said that it still enjoys healthy sales in its real estate development projects in China and Singapore, despite concerns about potential risks of an asset price bubble.

Looking ahead, GuocoLand said it will prime its launch-ready projects for sale at the right time, and continue to search for land for development.