Page 10 - ar2012

06 GoodLand Group Limited
Financial
Review
Proft Before Income Tax
Proft before income tax was $27.3 million in FY2012
as compared to $10.3 million in FY2011. This was
due mainly to higher income recognised from
development properties of higher value, higher
fair value gains on the revaluation of investment
properties, and higher share of profts from
associated companies. The increase in operating
proft was partially offset by higher administrative
expenses as explained above.
Assets
Trade and other receivables increased by $4.0
million from $16.2 million as at 30 September 2011
to $20.2 million as at 30 September 2012. This
was due mainly to the recognition of revenue
from development properties, including Royce
Residences, The Shoreline Residences I and The
Shoreline Residences II.
Other current assets increased by $0.1 million from
$0.1 million as at 30 September 2011 to $0.2 million
as at 30 September 2012. This was due mainly to
prepayments made in respect of insurances and
other operating expenses.
Development properties for sale classifed as
current assets increased by $16.3 million from $3.6
million as at 30 September 2011 to $19.9 million as
at 30 September 2012. Non-current development
properties for sale decreased by $2.0 million from
$44.8 million as at 30 September 2011 to $42.8
million as at 30 September 2012. The net increase
of $14.3 million in development properties for sale
was due mainly to the accretion of costs incurred
for new and ongoing development properties.
Property, plant and equipment increased by
$6.9 million from $1.6 million as at 30 September
2011 to $8.5 million as at 30 September 2012. This
was due mainly to the reclassifcation of part of
a development property following the Group’s
intention during FY2012 to utilise part of the
property for its own-use, which was partially offset
by depreciation of $0.1 million.
Investment properties increased by $17.1 million
from $15.5 million as at 30 September 2011 to
$32.6 million as at 30 September 2012. This was
due mainly to a reclassifcation of part of a
development property following the Group’s
intention during FY2012 to utilise part of the
property for leasing and management purposes
and fair value gains from the revaluation of
investment properties.
Investments in associated companies increased
by $0.2 million from $2.9 million as at 30 September
2011 to $3.1 million as at 30 September 2012. This
was due mainly to an increase in share of profts
fromassociated companies as mentioned above.