SINGAPORE (Feb 23): Property developer GSH Corporation has reversed out of the red in the 4Q ended December with earnings of $15.2 million, compared to a loss of $3.3 million a year ago.
This brings full-year earnings for FY17 to $87.5 million, compared to a loss of $3.6 million a year ago.
Revenue more than doubled to $37.8 million in 4Q17, from $17.7 million a year ago.
Rendering of rooftop infinity pool at Eaton Residences in Kuala Lumpur, Malaysia (Credit: GSH Corporation)
The higher 4Q revenue was led by its property business, which registered revenue of $18.8 million during the quarter, compared to $1.7 million a year ago.
The increase was contributed from the progressive sales recognised from the group’s Eaton Residences project in Kuala Lumpur, Malaysia.
Its hospitality business grew by 19% to $19.0 million in 4Q17, from $15.9 million a year ago.
This was mainly due to the increase in room occupancy and average room rates at its two hotels in Sutera Harbour Resort in Kota Kinabalu, Sabah.
As at end December, cash and cash equivalents stood at $198.1 million.
GSH Corp has recommended a final dividend of 1.25 cents per share for FY17. No dividend was declared a year ago.
This story, written by Stanislaus Jude Chan for The Edge Singapore, first appeared on Feb 23.