Property developer GuocoLand reported a 41 percent jump in first-quarter gross profit, powered by by higher sales and progressive revenue recognition from Singapore's residential projects.
Net profit attributable to shareholders rose to S$60.4 million in the first-quarter ended September 30 compared to S$42.7 million last year.
Revenue surged 79 percent to about S$362 million from the previous year, the company said in a statement.
Share of profit of associates and joint ventures recorded for the quarter was $170.5 million, mainly contributed by China's joint venture residential project in Shanghai, Changfeng Residence, it said.
Profit attributable to equity holders of the company increased more than six fold to S$165.6 million for the quarter as compared to S$25.6 million in the previous corresponding quarter.
Other income decreased by $7.3 million while other expenses increased by $12.7 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 in the two periods of review.
GuocoLand shares rose 1.2 percent to S$2.44 on the Singapore Exchange.