GSH Corp Q1 net profit dives 70.3% on higher cost of sales, finance expenses

NET profit for GSH Corporation dived 70.3 per cent to S$329,000 for the first quarter ended March 31, down from S$1.1 million a year ago, the property developer reported in a Singapore Exchange (SGX) filing on Monday.

The decline came on the back of higher cost of sales, up 17.6 per cent year-on-year, as well as higher finance expenses, which rose 28.2 per cent or S$1.2 million to S$5.5 million.

Revenue rose 7.6 per cent to S$26.2 million, while earnings per share dived to 0.017 Singapore cent from 0.057 cent a year ago.

GSH shares closed unchanged at S$0.285 on Monday before the results were announced.