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GSH Corp reports stronger bottom line in Q3
GSH Corp's third-quarter net profit swelled to S$2.05 million from S$103,000 a year ago, thanks in part to its share of profit from an associate.
This was despite revenue sliding around 26 per cent year on year to S$20.97 million as there was no revenue contribution from its property business. In contrast, its property business earned revenue recognition of S$9.1 million in Q3 2016 from GSH Plaza, which has since been completed.
Its Eaton Residences project in Kuala Lumpur was "well received", the group highlighted, and sales of its units will be progressively recognised over the construction period, starting from Q4 2017.
Meanwhile, its hospitality business grew 8 per cent to S$20.8 million in Q3 2017, owing to higher room occupancy and average room rates at its two hotels in Sutera Harbour Resort in Kota Kinabalu, Sabah.
After the group's investment into Henan Zhongyuan, which owns one of the largest food logistics and warehousing hubs in China, GSH recorded S$1.2 million share of profit from the associated company in Q3 2017.
Earnings per share for the quarter under review rose to 0.105 Singapore cent from 0.005 Singapore cent previously.