PETALING JAYA: Guocoland (M) Bhd believes that the property market will stage a gradual recovery barring unforeseen circumstances, as it overcomes the large overhang of unsold properties and as consumers rebuild their finances to commit to spending on large capital items. “The country is expected to fully reopen its economy by the end of 2021. The group will continue to focus on monetising its inventories and timely completion of its development projects.

       “New product launches will be phased according to prevailing market sentiments,” said Guocoland in a Bursa filing.

       For its first quarter ended Sept 30, 2021 (Q1FY’21), the group saw revenue drop 61.4% year-on-year to RM35.1mil with a net loss of RM8mil (compared with a net profit of RM8.55mil a year ago).

       Net loss per share was 1.19 sen, compared with earnings per share of 1.28 sen a year ago.

       The property developer said the poor Q1FY’21 results was mainly due to the extension of movement control orders.

       This affected the sales and the construction progress of development projects.