SINGAPORE (Feb 28): GS Holdings, the centralised commercial dishware washing company, reported FY16 losses narrowed to $1.9 million from $2.2 million a year ago on higher cost of sales.
Revenue rose 47% to $9.2 million mainly due to additional contracts secured from new customers such as Suntec Singapore Convention & Exhibition Centre during FY2016 and the new revenue from sales of crockeries to new customers.
But cost of sales increased by 51% to $9.3 million in FY16 mainly due to an increase in labour costs of $1.6 million as there was an overall increase in remuneration and headcount and an increase in subcontractor expenses, overhead cost and depreciation expenses.
As a result, it reported an overall gross loss of $78,000 in FY16 compared to a gross profit of $125,000 in FY15.
Other income increased 79% to $2.1 million.
Shares of GS last traded at 30 cents.
