GuocoLand profit drops 38% to $129m in FY2024 amidst higher costs
It also reported lower basic earnings per share.
GuocoLand's profit attributable to equity holders dropped 38% YoY to $129m in FY2024, affected by higher financing costs, reduced fair value gains on investment properties, and a challenging market in China.
With lower net profit, the company’s basic earnings per share fell 41% YoY to $0.0995.
The company, however, reported improved revenue and operating profit in FY 2024.
In FY 2024, revenue rose 18% YoY to $1.8b whilst operating profit increased by 13% YoY to $320m.
GuocoLand attributed its improved revenue to higher contributions from its Property Investments and Property Development segments.
Revenue for the two segments rose 35% and 16% YoY, respectively.
With improved revenue, the company proposed a final dividend of $0.06.
The company will pay the proposed dividend on 19 November if it receives approval during its annual general meeting on 24 October.
Read Here
Advertise
Sign Up
