GuocoLand’s net profit plunged 42% to $211.3m

Due to lower earnings from China projects.

GuocoLand reported a 42% plunge in its fourth-quarter net profit to $211.3m, dragged by lower revenue recognition for its projects in China.

Its development Seasons Park in Tianjin was almost fully sold in the current year, GuocoLand said.

The group also enjoyed lower contributions from its associates and joint ventures, which reported a $40,000 loss in Q4. GuocoLand said that the loss was caused by lower profit recognition for completed projects in Malaysia.

GuocoLand’s full-year net profit fell 27% to $243.81m. It proposed a dividend of 5 cents per share, unchanged from the previous year.

“The Group expects operating conditions to remain challenging and will continue its focus on sales and leasing of its current projects while remaining watchful of investment opportunities,” GuocoLand said.