The property group recognised an impairment loss of $44.0 million on its investment in EcoWorld International in 2H2023 because of adverse conditions in the UK. As a result of this, the Group’s other expenses for 2H2023 and FY2023 increased to $46.2 million and $46.9 million respectively.
GuocoLand reported a 60% y-o-y rise in revenue of $1.54 billion for FY2023, for the 12 months to June 30. For 2HFY2023, revenue for the Group increased by 72% to $882.9 million.
However, an impairment charge of $46.9 million and a 59% y-o-y rise in interest cost to $149.7 million caused net profit to fall by 44% y-o-y to $268.8 million. In 2HFY2023, net profit fell by 55% to $187.4 million.
