SINGAPORE (Oct 24): Developer GuocoLand saw 1Q earnings fall 95% to S$25.6 million from S$516.5 million a year ago on lower revenue and absence of one-off gain. The lower revenue was mainly due to the absence of contribution from the sale of an office block in Shanghai Guoson Centre in the previous corresponding quarter. Gross profit declined by 70% due to the fall in revenue and lower gross margin arising from change in sales mix in the two periods of review. GuocoLand says the outlook for the property sector in Malaysia and Singapore remains poor. Shares of GuocoLand closed two cents lower at S$2.

Source: The Edge Markets October 24, 2016 13:07 UTC