KUALA LUMPUR: Guocoland (M) Bhd will continue to focus on monetising its inventories and progressing its development projects for timely completion.
“New product launches will be phased according to prevailing market conditions. The group remains alert to seek out opportunities to increase its landbank,” the property arm of Hong Leong Group said in a Bursa filing.
Guocoland said the Malaysian economy remained on a growth path in 2023 after the surge in activities seen in the previous year from the post pandemic recovery.
“However, the domestic property sector remains challenging in an environment of higher interest rates, persistent inflation reducing the purchasing power and an overhang of excess property inventory in several market centres and property classes,” it said.
In the third quarter ended March 31, Guocoland’s net profit jumped 29.4% to RM8.7mil compared with RM6.7mil a year ago.
Revenue, however, dipped 7.4% to RM112.4mil against RM121.3mil last year. Its earnings per share for the quarter rose to 1.30 sen from 1.00 sen previously.
For the nine months to March 31, Guocoland posted a net profit of RM18.8mil on revenue of RM296.1mil.
