GuocoLand: 4QFY15 net profit slumped to $125.6m (-41% y/y), bringing FY15 net profit to $243.8m (-27%). For the quarter, revenue tumbled 48% to $254.7m, due mainly to lower revenue recognised for China projects as Seasons Park in Tianjin was almost fully sold. Despite the drop, gross margin rose to 41% (+11ppt) from a change in sales mix. However, bottom line was weighed by lower other income (-37% to $81.1m) and associate losses of $0.04m (4QFY14: $14.4m) as profit was recognised for completed developments in Malaysia in the previous year. NAV/share at $2.65.
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