GuocoLand's Q4 revenue up 90%

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Property group GuocoLand has delivered a sharp increase in fourth-quarter net profit, with the firm describing the results as "creditable" in a challenging environment.

In financial results that reflect the choppy nature of income relating to property projects, net profit for the three months ended June 30 jumped to $244.9 million, from just $39.8 million a year earlier.

Fourth-quarter revenue soared 90 per cent to $407.4 million, the company said in a filing with the Singapore Exchange yesterday.

The far better quarterly numbers were mainly driven by a significant increase in the fair value of Tanjong Pagar Centre's Guoco Tower.

However, for the full year, net profit fell 41 per cent to $357.2 million, though revenue increased 5 per cent to $1.11 billion.

The main reason for the slide in full-year earnings was that the previous year's numbers got a big boost from a one-off gain from the disposal of subsidiaries relating to the Dongzhimen project in Beijing.

Earnings per share for the fourth quarter were 22.06 cents, up from 3.44 cents a year earlier.

Net asset value per share was $3.18 as at June 30, up from $2.95 a year earlier.