SINGAPORE (May 11): GSH Corporation has swung back to profitability in 1Q18 with earnings of $1.11 million, compared to a loss of $1.35 million in 1Q17.
On a quarter-on-quarter basis, the group’s earnings dropped significantly from $15.2 million in 4Q17.
Revenue was 16.2% higher at $24.4 million from $21.0 million a year ago.
This was mainly due to higher revenue contribution from the group’s property business, which was contributed from the progressive sales recognised from the group’s Eaton Residences project in Kuala Lumpur, Malaysia.
As cost of sales increased by 5.7% to $9.51 million, 1Q18 gross profit stood at $14.9 million, 24.0% higher than $12.0 million in 1Q17.
This brings gross profit margin for the quarter to 61%, 4 percentage points higher than 57% in the previous year.
Exchange loss was 94.8% lower at $0.49 million, compared to $9.28 million the same period last year.
In a filing on SGX, the group says that there are no significant trends and competitive conditions looking forward.
Shares in GSH Corp closed at 48 cents on Friday.
