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Guocoland posts fifth quarterly loss in a row

KUALA LUMPUR (Aug 17): Guocoland (M) Bhd closed its fourth quarter ended June 30, 2019 (4QFY19) with a lower net loss of RM11.69 million compared to RM35.73 million a year ago, as higher operating profit and other income offset higher expenses in the period.

Consequentially, losses per share narrowed to 1.75 sen from 5.33 sen, its bourse filing showed. Still, it is the property group's fifth consecutive loss-making quarter.

Quarterly revenue swung to RM131.02 million from a negative net revenue of RM100.45 million in the previous year, thanks to earnings recognised from the launch of Emerald Hills in Cheras, Selangor.

"The net negative revenue of the previous year corresponding quarter was due to cancellations of certain sale and purchase agreements during the period and the effects of MFRS 15," it said.

For the full-year ended June 30, 2019 (FY19), Guocoland made losses of RM32.53 million against a net profit of RM19.49 million in FY18.

This was largely due to the huge difference in other operating income of RM107.07 million last year against RM9.14 million this year, coupled with higher administrative expenses and lower share of results of associates and joint ventures, among others.

The swing to loss was despite full-year revenue rising 70.85% to RM414.36 million from RM242.53 million previously.

Shares of Guocoland fell two sen or 2.82% to close at 69 sen apiece yesterday, giving it a market capitalisation of RM483.32 billion.

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