Property developer Goucoland Ltd. has announced that its Q1 net profit increased 9 percent to $13.4 million from last year’s $12.4 million.
Q1 revenue jumped 15 percent to $109.9 million from $95.7 million, attributed to better sales returns from residential projects like Elliot at the East Coast, Sophia Residence and Goodwood Residence.
However, the company said the top-line increase from Singapore was partly offset by lower sales returns from developments in China.
Meanwhile, administrative expenses surged 39 percent, while earnings per share was 1.62 cents, an increase from 1.5 cents in the previous year.
“Healthy growth was experienced by Singapore and China markets. Whilst pursuing attractive opportunities, the group remains mindful and cautious of the inherent risks,” said Goucoland.
The company announced a $532 million rights issue in August to help finance possible acquisitions, boost working capital and reduce bank borrowings.