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GSH Corporation’s revenue more than quadrupled to S$58.47 million in Q4 2015 from S$13.92 million in the same period a year ago, while net profit attributable to shareholders rose to S$6.65 million from a net loss of S$7.61 million.
“In the latest quarter, the group’s property business generated S$45.4 million in sales, accounting for 77.7 percent of total revenue, while its hospitality segment accounted for the remaining 22.3 percent or S$13.0 million,” said the company in a stock exchange filing.
The result is attributed to higher contributions from the sale of strata office units at GSH Plaza (pictured) in Singapore and a recovery in the performance of two hotels in Sutera Harbour Resort in Kota Kinabalu after the group acquired Sutera Harbour Resort Group in 2014.
For the whole of 2015, the company’s net profit attributable to shareholders reached S$16.4 million on the back of a nearly four-fold increase in revenue to S$162.0 million.
“We are pleased that our strategy to exit the distribution business and to enter the property development and hospitality businesses has put the group on the road of profitability,” said GSH Corporation’s Group’s Executive Chairman Sam Goi.
The Singapore-listed group noted that it is now solely focused on property development and its hospitality business after it sold its electronics and information technology distribution business two years ago.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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