The increase was mainly contributed by GuocoLand’s joint venture residential project in Shanghai, China. The project, Changfeng Residence, was completed and substantially sold during the quarter.
Revenue in 1Q grew 79% to $362.0 million, from $202.8 million a year ago.
This was mainly attributed to higher sales and progressive revenue recognition from residential projects in Singapore.
In line with the higher activity in the quarter, administrative expenses increased 34% to $19.4 million.
Other income fell 58% to $5.2 million, while other expenses increased tenfold to $14.0 million. This was mainly due to differences in foreign exchange and fair value changes on foreign exchange hedges.
Finance costs trebled to $24.9 million, mainly due to finance costs for Tanjong Pagar Centre’s office and retail components, which can no longer be capitalised as it was completed in the last financial year.
As at end September, cash and cash equivalents stood at $1.04 billion.
In its outlook, GuocoLand says flash estimates by the Urban Redevelopment Authority in Singapore showed an increase of 0.5% in private residential property prices after 15 consecutive quarters of decline.
At the same time, several real estate consultancy firm have also pointed to an uptick in Grade A office rents in Singapore’s central business district.
Meanwhile, GoucoLand says the housing market in China showed further signs of moderation in some of the larger cities, according to statistics released by the National Bureau of Statistics of China.
In Malaysia, the group says it remains focused on monetising the inventory and delivery of its development projects.
Shares in GuocoLand closed 2 cents lower at $2.41 on Thursday.
