Property developer GuocoLand reported a six-fold jump in fourth-quarter net profit, driven by higher residential sales and progressive revenue recognition from residential projects in Singapore.
Net profit attributable to shareholders rose to $244.8 million in the fourth-quarter ended June 2017 compared to S$39.8 million last year.
Revenue surged about 90 percent to S$407.4 million from the previous year, the company said in a statement.
In Shanghai, GuocoLand completed the construction of Changfeng Residence in August. The revenue contribution from the sales of units of Changfeng Residence will be recognised in the current financial year, it said.
GuocoLand said it is preparing for the development of new mixed-use projects in Shanghai and Chongqing in China, and Cheras in Malaysia.
The group's existing and new development projects have a total potential gross development value of about $10 billion and these projects are expected to contribute over the next few years, Chief Executive Officer Raymond Choong said in a statement.
The board recommended a dividend of 7 cents per share for fiscal 2017.
GuocoLand shares rose 0.9 percent to S$2.31 on the Singapore Exchange.
