Guocoland 1Q profit up slightly

KUALA LUMPUR: Guocoland (Malaysia) Bhd posted a higher profit of RM3.42 million in its first quarter ended Sept 30, 2008, compared with RM3.37 million a year earlier, tempered by a 50% decline in revenue to RM18.28 million from RM36.35 million.

Earnings per share rose to 0.51 sen from 0.5 sen. No dividend was declared. Guocoland said yesterday it was taking appropriate measures to address the challenges in the current financial year.

"Given the uncertainty arising from the current financial turmoil and the slowdown in the global economy, we expect the property market in Malaysia to soften further," it said.

By The Edge Malaysia