Guocoland Limited's half-year profit balloons to $208.53m

This was boosted by its revenue, which went up by 69% YoY to $732.54m in 2H2017.

Guocoland Limited reported its profit attributable to equity holders surged by 152% YoY, rising from $82.77m to $208.53m for the half year ended 2017.

Guocoland’s revenue increased 69% YoY, from $434.74m in 2H2016 to $732.54m in 2H2017, which was driven by the strong performance of Singapore’s residential projects. Gross profit also increased by 68% YoY to $151.8m.

Further, Guocoland’s share of profit of associates and joint ventures rose to $179.5m in 2H2017. This was mainly due to the contribution from Changfeng Residence, a joint venture project in Shanghai that has been substantially sold and completed.

Movements in foreign exchange caused other income to decline by $26.3m, whilst other expenses increased by $8.7m during the half-year, compared to the same period in the previous year.

Administrative expenses also increased by 65% YoY to $46.6m in 2H2017 because of higher sales activities and commencement of new hotels, whilst finance costs went up by $28.6m to $55.1m because of higher average borrowings and lower capitalisation.