MAINBOARD-LISTED GSH Corporation, controlled by popiah tycoon Sam Goi, swung back into the black for the fourth quarter after transforming itself from a consumer goods distributor into a real estate firm.
It raked in a net profit of S$6.65 million for the three months ended Dec 31, a reversal from its S$7.61 million net loss the previous year, it said in a Singapore Exchange filing Monday.
Revenue also more than tripled, to S$58.47 million for Q4 2015 compared with S$13.92 million in the year-ago period.
That was boosted by significant contributions from the sale of strata office units at GSH Plaza in Singapore and a "substantial recovery" in the performance of its two hotels in Sutera Harbour Resort in Kota Kinabalu, the group said in a statement.
It noted that it exited the electronics and information technology distribution business in FY2014 and now focuses purely on property development and the hospitality business.
Earnings per share stood at 0.336 Singapore cent for Q4 2015, from a loss per share of 0.385 Singapore cent the previous year. Net asset value per share was 18.2 Singapore cents as at Dec 31, 2015, down from 19.04 Singapore cents as at Dec 31, 2014.
The group proposed a final cash dividend of 0.05 Singapore cent per ordinary share.
GSH Corp shares fell S$0.017 or 7.9 per cent to S$0.198 on Monday before it announced the results.