KUALA LUMPUR: Guocoland (M) Bhd 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 seek out opportunities to increase its landbank,” Guocoland said in the notes accompanying its financial results.

The developer said the domestic property sector outlook remains overcast amid the higher interest rates, persistent inflation reducing the purchasing power and an overhang of excess property inventory in several market centres and property classes.

In the fourth quarter ended June 30, Guocoland posted a lower net profit of RM15.8mil from RM24.8mil a year ago.

Its revenue fell 19.6% to RM138.3mil against RM172.1mil a year prior while earnings per share fell to 2.36 sen versus 3.55 sen last year.

For the full financial year ended June 30, it posted a net profit of RM34.6mil, up 31.6% from RM26.3mil while revenue was flat at RM434.3mil from RM434mil a year ago.

Guocoland has recommended a final single-tier dividend of two sen per share. The entitlement date is on Oct 13 and payment on Nov 15.