GuocoLand's Q2 pre-tax profit increases to RM28.6 million

KUALA LUMPUR: GuocoLand (Malaysia) Bhd's pre-tax profit for the second quarter ended June 30, 2012 rose to RM28.662 million from RM27.432 million in the corresponding quarter of last year. Its revenue fell to RM39.027 million from RM58.005 million previously.

For the half-year period, its pre-tax profit increased to RM28.988 million from RM27.694 million in the same period of 2011. However, its revenue decreased to RM116.328 million from RM141.480 million previously.

In a filing with Bursa Malaysia Securities, GuocoLand said the group posted a higher pre-tax profit in the second quarter due to higher profit contribution from property development as a result of write-back of provision for forseeable loss.

On prospects, the property developer and hotel operator said the property market is expected to be challenging in view of the volatile economic environment.

However, it said properties in selected and prime locations are expected to continue to attract the interests of buyers and tenants.--Bernama