GSH posts S$1.35m net loss in Q1

SAM Goi-controlled GSH Corporation has posted a net loss of S$1.35 million for the first quarter ended March 31, in contrast to a S$2.8 million net profit in the year-ago period.

Revenue fell 10.5 per cent to S$21 million.

The property business contributed S$3.3 million in revenue in Q1 FY2017, down from S$8.2 million in Q1 FY2016. Revenue from the hospitality business grew by 16 per cent to S$17.7 million in Q1 FY2017 from S$15.3 million in Q1 FY2016 - due mainly to the increase in room occupancy and average room rates at the two hotels in Sutera Harbour Resort in Kota Kinabalu, Sabah.

Higher administrative expenses and finance expenses affected the bottom line.

The group posted a loss per share of 0.069 Singapore cent in Q1 FY2017. against earnings per share of 0.141 Singapore cent in Q1 FY2016.

"We continue to see a positive outlook in the hospitality industry in Malaysia," the group said.