Guocoland back in the black for 1Q

PETALING JAYA: Guocoland (Malaysia) Bhd recoded a net profit of RM8.6 million for its first quarter ended Sept 30, compared with a net loss of RM10 million in the previous corresponding quarter, on higher revenue, lower expenses on selling and marketing, higher other net operating income and lower finance costs.

Revenue jumped 88.2% to RM90.93 million, from RM48.32 million previously, mainly due to the increases in sales and recognition of

percentage of completion from on-going projects.

Moving forward, the group said that with the weak consumer sentiments, the market is expected to remain lacklustre in FY21 ending June 30.

“Moving forward, the group will continue to focus on monetising its inventories and timely completion of its development projects. New product launches will be phased according to prevailing market sentiments,” it said.