PROPERTY group, Guocoland (M) Bhd posted a net profit of RM1.57 million in the first quarter ended September 2022 (1Q22) compared to a net loss of RM7.98 million it suffered a year ago

Revenue in the said quarter almost tripled to RM102.49 million from RM35.12 million previously.

“The improved results were mainly attributable to higher contributions from the property development division and lower loss incurred by the hospitality division,” it told the stock exchange yesterday.

It said the property development division reported a better performance due to contributions from its ongoing projects in Emerald 9 and Emerald Hills in Cheras.

Meanwhile, its hospitality division performance improved with higher occupancy and average room rates from the increase in tourist arrivals with the simplification of entry regulations into the country and enhanced local travel and business activities.

Commenting on its prospects, Gucoland said factors such as elevated building material pricing, inflation, rising interest rates, currency volatility and shortage of labour continue to pose challenges to the domestic property sector.

“The group 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 opportunities, ” it said. ― TMR/pic source: www.guocoland.com.my