GuocoLand: Posts 2Q results, rev of $162.8m -55.0%yoy +32.5%qoq, Gross profit $46.6m -59.0%yoy +28.6%qoq, Net profit $21.6m -64.0%yoy +60.3%. Profit better qoq due to progress of construction of Goodwood, Sophia Residence and Elliot in East Coast but still fell on a yoy basis as China's dev projects had boosted results in same period last yr...
Trade and receivables increased by $483.2m to $724.2m due to land acquistion in China also the cause of the outgoing cashflow from operations which was funded by borrowings. Latest acquisition was $1.71b land parcel at Peck Seah Str nxt to Tanjong Pagar MRT. Co’s P/B is 1.26x vs peer avg 1.09x
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