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GuocoLand posts RM11.48 million 4Q profit

KUALA LUMPUR: GuocoLand (Malaysia) Bhd's net profit for its fourth quarter (4Q) ended June 30, 2010 rose to RM11.48 million, compared to a loss of RM72 million a year ago, mainly due to higher contribution from the property development and hotel businesses.

The company said on Friday, Aug 20, that its net profit for the current financial year rose to RM14 million from a loss of RM66 million a year ago, while its revenue almost doubled to RM160.5 million from RM82 million last year.

“With growing signs of optimism and confidence amongst property buyers and investors, which were evident from the positive response to the various property launches, the prospects for the new financial year are expected to be satisfactory,” the company said.
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