GSH's Q2 earnings leap to S$71.7m from loss; revenue soars 72.9% to S$30.6m

MAINBOARD-LISTED GSH Corporation saw its net profit soar to S$71.7 million for the second quarter - a reversal from a net loss of S$3.2 million in the previous year.

This is largely due to a disposal gain of S$74.9 million from the sale of the entire investment in Plaza Ventures, the group said in a Singapore Exchange filing on Friday evening.

For the three months ended June 30, revenue leapt 72.9 per cent to S$30.6 million from the year-ago period.

The gain in revenue was due partly to the rising room occupancy rates and average room rates at its two hotels in Sutera Harbour Resort in Kota Kinabalu, Sabah, it said.

Earnings per share came in at 3.66 Singapore cents, a reversal from a loss per share of 0.16 Singapore cent in the previous year.

Net asset value per share grew to 21.2 Singapore cents as at June 30, from 17.65 Singapore cents a year ago.

Sam Goi, the group's executive chairman, said: "We are pleased that we have strengthened our balance sheet. With the increased war chest, we are in a good position to grow the group's investments."

The directors have proposed a special dividend of one Singapore cent per ordinary share, which will be paid to shareholders on Sept 6.

GSH shares ended S$0.005 up at S$0.55 on Friday.