Guocoland 1Q net profit falls steeply

KUALA LUMPUR: Guocoland (Malaysia) Bhd saw its net profit for the first quarter ended Sept 30, 2010 (1QFY11) dropped to RM230,000, from RM6.7 million a year earlier, on lower revenue.

In a statement to Bursa Malaysia, it said its revenue fell to RM30.28 million from RM42.75 million the previous year. The higher revenue and profit for the preceding year was due to the sales of a parcel of land for RM26.6 million and at a profit of RM13.2 million.

Its basic earnings per share for the quarter stood at 0.03 sen. It did not declare any dividend.