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GKE Corp narrows loss in Q3
LOGISTICS firm GKE Corporation announced on Thursday that its net loss attributable to shareholders for the third quarter ended Feb 28, 2018 had narrowed to S$758,000, from a net loss of S$930,000 in the same period a year ago.
The group's performance took a hit on lower revenue contribution from TNS Ocean Lines (S), its wholly-owned port operations service provider, and higher operating expenses
A "competitive and challenging business environment in the warehousing and logistics industry" added to its woes, GKE said.
It added that operating expenses - comprising marketing and distribution costs and administrative expenses - fell 18.4 per cent year-on-year to S$2.7 million in Q3 2018, from S$3.4 million in Q3 2017.
This was chiefly due to lower marketing and distribution expenses and the reversal of provision for impairment loss on an investment of S$0.7 million in the joint venture, GKE added.
The group clocked revenue of S$17.32 million for the period, a rise of 8.3 per cent from a year ago.
GKE's counter closed up by 3.61 per cent to 8.6 Singapore cents apiece on Thursday, before the announcement was made.