GuocoLand announced the company’s 60% increase in revenue y-o-y of $1.54 billion in FY2023, which covers the twelve months that ended June 30. In FY2023, revenue for the Group was up 72% to $882.9 million. However there was an impairment expense that was $46.9 million and an of 59% increase in interest costs to $149.7 million led to net profit to drop by 44% over the course of the year in the range of $268.8 million. The net profit for 2HFY2023 declined to 55% to $187.4 million.
Hillock Green completion date of this non-landed residential property boasts an enormous site area of 13,444.3 square meters and promises comfort, convenience, and modernism all at the same time.
The property group has incurred losses from an impairment amounting to $44.0 million for its stake of EcoWorld International in 2H2023 because of the adverse economic market conditions UK. In the wake of this, EcoWorld International’s other expenses for FY2023 and 2H2023 have increased up to $46.2 millions and $46.9 million respectively.
Revenue from the sale development properties was up 78% up to $753.0 million in FY2023’s 2HFY2023 and was up by sixty-two% up to $1.30 billion for FY2023. The more substantial property development revenue in both FY2023 and 2H 2023 resulted mostly due to the higher recognition of the sales for Meyer Mansion, Midtown Modern and Lentor Modern, each of which has been extensively sold. Additionally, Chongqing GuocoLand 18T has also contributed to the Group’s earnings in 2HFY2023, because it is one of the towers that houses residential units. has begun to transfer sold units to prospective buyers in the course of.
The revenue from investment properties was up 43% year-over-year at $94.8 millions in the 2H2023 period and increased 35% in a year-on-year period up to $169.6 million for FY 2023. This growth was driven by higher rental revenue generated by Guoco Tower, Shanghai’s Guoco Changfeng City South Tower and the first investment of Guoco Midtown Office, which began operations in the 2HFY2023.
Revenue from hotel investments was up 47% over the course of the year and reached $33.4 million during 2H2023 before doubling up to $68.7 million for FY2023. The gross profit per year for FY2023 grew 5% but decreased marginally for FY2023 2HFY2023. The slower increase in the gross profit in FY2023 and 2H2023 in relation to revenue growth resulted from being unable to recognize a one-time $79.3 million gain on fair value that was recognized under the cost of sales in 2H2022. If this fair value gain was not taken into account the gross profit of the company for FY2023 would have increased by 50% year-on-year and 34% over the same period in FY2023.
In FY2023, the firm reported gain of fair value $156.3 million, mostly from its integrated development Guoco Tower and Guoco Midtown.
GuocoLand’s board has announced a new payout of six cents for each share.