SINGAPORE (Nov 10): Property developer GSH Corporation has announced earnings of $2.05 million for the 3Q17 ended Sept, up nearly 20 times from its earnings of $0.1 million in the same period a year ago.
Revenue over the quarter fell 26.1% to $21 million. In 3Q17, its property business registered no revenue, compared to $9.1 million in 3Q16 during which there was a revenue recognition from GSH Plaza, that has since been completed.
GSH's hospitality business grew by 8% to $20.8 million in 3Q17, due mainly to the increase in room occupancy and average room rates, at its two hotels in Sutera Harbour Resort in Kota Kinabalu, Sabah.
Finance expenses fell 32.7% to $3.5 million while finance income fell 63.1% to $0.6 million, as the group’s loan and deposit arrangement (LDA) with a bank, which included fully-hedged foreign exchange (forex) exposure with a financial derivative, lapsed in 2Q17.
GSH recorded a $1.2 million share of profit from its associated company, Henan Zhongyuan, over the quarter following the completion of its investment into the company on March 10 this year.
GSH says it does not observe any new significant trends and competitive conditions in its industry.
Shares in the group closed flat at 52 cents.
