GuocoLand's profits fell 12% to $35.01m in Q3

Lower sales of completed condo units continued to drag on earnings.

GuocoLand’s profit continued to take a hit from low sales as it slipped 12% YoY to $35.01m in Q3 from $39.61m in 2018, extending the 84% downward spiral it experienced in Q2, an announcement revealed. On the other hand, its revenue jumped 27% YoY from $230.61m to $292.51m.

The increase in revenue was attributed to higher sales activities in Singapore during the quarter, which consequently drove up administrative expenses by 64% to $25m, the firm explained.

Meanwhile, finance costs fell 23% to $27.4m due to higher capitalisation of finance costs during the quarter.

Also read: GuocoLand's Q2 profits plummeted 84% to $10.85m

On a YTD basis, profits plunged 74% YoY to $72.02m from $277.41m in 2018, whilst revenue crashed 37% YoY from $963.14m to $603.47m. The dismal performance was blamed on lower sales of completed residential units in the current period as GuocoLand reportedly brought down its inventory of completed unsold units substantially in the past quarters.