On the other hand, its China-based business of supplying ready-mixed concrete suffered a 26.3% drop in revenue to $22.1 million, amid a wider slowing business climate.
GKE Corp's warehousing and logistics business did better but weakness in its building materials business in China dragged overall earnings for FY2023 down by 16.9% y-o-y to $3.91 million. For this full year ended May 31, the company recorded a revenue of $108.9 million, up 3.9% y-o-y. It plans to pay a final dividend of 0.2 cents per share, unchanged from the previous year.
GKE's warehousing and logistics business, largely Singapore-based, reported revenue of $86.3 million for FY2023, up 15.6% over FY2022, thanks partly to contribution from newly acquired Fair Chem Industries.
