GSH back in black with a net profit of S$37.8m in Q4

AN increase in sales from its Eaton Residences project in Kuala Lumpur and higher room occupancy and average room rates at two of its hotels in Kota Kinabalu gave a lift to results of GSH Corporation (GSH) in its fourth quarter.

As a result, for the three months ended Dec 31, revenue more than doubled to S$37.8 million from the year-ago period.

Net profit was S$15.2 million, a reversal from a net loss of S$3.3 million in the preceding year, the property developer said in a Singapore Exchange filing on Friday evening.

Earnings per share for the quarter came in at 0.774 Singapore cents, a reversal from a loss per share of 0.17 Singapore cents in the preceding year.

For the full year, GSH reported a net profit of S$91.0 million, a reversal from a net loss of S$3.6 million in the preceding year. Moreover, revenue went up 26.6 per cent to S$110.3 million from the preceding year.

Net asset value per share increased to 21.44 Singapore cents as at Dec 31, from 17.65 Singapore cents in a year ago.

The company has declared a dividend of 1.25 Singapore cents for the fourth quarter.

GSH shares finished S$0.01 or 2.1 per cent up at S$0.48 on Friday before the announcement.