SINGAPORE (Nov 4): GSH Corp posted a 98.4% fall in 3Q earnings to $0.1 million from $6.5 million a year ago on lower income and fair value loss on a financial derivative product.
Revenue was up 19% to $28.4 million for the quarter. This came on the back of 37% higher revenue from the hospitality business to $19.2 million due to an increase in room occupancy rates at its resorts in Sabah, Malaysia.
Operating profit rose 45.9% to $8.9 million. However, foreign exchange gain fell 64.7% to $789,000 while finance income fell 22.9% to $1.7 million. There was also a fair value loss on financial derivative of $1.1 million compared to a gain of $5.2 million a year ago.