Guocoland's 2Q profit sharply lower

KUALA LUMPUR (Jan 19): Guocoland Bhd's net profit more than halved to RM40,000 for 2QFY12 ended Dec 31, 2011 from RM1.04 million. Revenue was lower at RM27.7 million against RM30 million in the previous corresponding period.

The decrease was attributed to lower contribution from the property development division of RM7 million as the previous corresponding quarter had the benefit of revenue generated from land sales. The reduction in property development's contribution was mitigated by an increase in revenue from other businesses.

Revenue from hotels rose by RM2.2 million as a result of higher occupancy rates while the property investment division recorded higher rental revenue of about RM900,000 for the quarter.

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