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GKE posts deeper loss in Q2 on impairment loss
LOGISTICS firm GKE Corporation on Friday posted a deeper loss for the fiscal second quarter despite higher revenue, after setting aside income for a hefty impairment loss.
Net loss for the three months ended Nov 30, 2017 stood at S$7.94 million, compared to a net loss of S$558,000 a year ago.
The results were dragged by a provision for impairment loss in the joint venture for the liquefied gas carrier vessel, Ocean Latitude, of S$6.2 million.
Revenue rose 51.8 per cent to S$18.1 million, due in part to the addition of its port operations.