Property developer GuocoLand has announced that its net profit in the fourth quarter that ended 30 June 2010 increased to RM11.48 million, recovering from a loss of RM72 million in the previous year.
The increase in Q4 profit was attributed to the higher contribution from the company’s property development and hotel businesses.
The company said that while its net profit in the fourth quarter recovered from the previous loss, its revenue almost doubled from last year’s RM82 million to RM160.5 million this 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,” said GuocoLand.