GSH Corp posts Q4 net loss of S$1.3m on impairment loss

PROPERTY developer GSH Corporation on Wednesday posted a net loss of S$1.3 million for the fourth quarter ended Dec 31, compared to a net profit of S$0.53 million a year ago.

This was largely due to an impairment loss of S$13.7 million from the write-down of its investment in an associated company.

Q4 revenue was S$50.4 million, more than doubling from S$24.9 million in the corresponding quarter of the previous year. This was driven by a surge in its property business on the back of progressive sales recognition from its two residential development projects.

Loss per share was 0.066 Singapore cent versus earnings per share of 0.027 cent a year ago.

For the full year, net profit surged 28 per cent to S$7.6 million from S$5.9 million previously. Revenue was up 53.3 per cent to S$153.7 million from S$100.3 million in FY2018.

Earnings per share were 0.388 Singapore cent, up from 0.303 cent a year ago. GSH has proposed a final dividend of 0.25 cents per ordinary share. It did not declare any dividend in the corresponding period of the previous year.

GSH shares closed down one cent or 3.03 per cent to S$0.32 on Wednesday before the results were announced.