GuocoLand Limited reported profit attributable to equity holders of S$85.4 million for the six months ended 31 December 2025, up 14 percent year-on-year, helped by higher rental income, gains from an asset sale and larger contributions from associates and joint ventures.

Basic earnings per share rose to 7.08 Singapore cents from 5.88 cents a year earlier. The company did not announce an interim dividend.

Group revenue slipped 22 percent YoY to S$791.9 million after the Property Development division recognised less progress-billing revenue, which fell to S$611.9 million. The setback was partly cushioned by a 5 percent YoY increase in recurring rental revenue to S$143.2 million as Singapore offices continued to secure positive rental reversions. Profit before tax was broadly steady at S$119.0 million, aided by a S$5.3 million share of profits from associates and joint ventures, gains from the sale of the Thistle Johor Bahru hotel and lower finance costs.

Property Development remained the largest contributor, although revenue was affected by construction timetables. All four Lentor Hills projects were fully sold by end-December, while newly launched joint-venture projects—Springleaf Residence, Faber Residence and Penrith—were more than 90 percent taken up at launch. The three projects will recognise earnings progressively as construction advances.

On the investment side, Guoco Tower and Guoco Midtown retained 100 percent commitment rates and 20 Collyer Quay was 93 percent committed. The Lentor Modern mall, which opened this month, reported 90 percent occupancy and is expected to augment recurring income in the current half.

Lower development revenue and subdued housing sentiment in China were the main headwinds, although the group continued to monetise Chongqing assets to improve liquidity and reduce gearing. Total loans and borrowings fell 12 percent YoY to S$4.80 billion, cutting the debt-to-assets ratio to 0.41 times from 0.44 times six months earlier.

Looking ahead, GuocoLand plans to launch the wholly owned 455-unit River Modern at River Valley in the first quarter of calendar 2026, followed by an 860-unit mixed development at Tengah Garden Avenue in the second quarter. Management said the strategy is to balance development earnings with a growing base of recurring rental income so as to deliver sustainable long-term returns. Chief executive officer Cheng Hsing Yao noted that while development earnings depend on launch timing and construction progress, the investment portfolio provides a stabilising counterweight, and the group will continue to expand both revenue streams.