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GSH Corp sinks into 1Q loss of $1.35 mil on lower revenue & higher expenses

Michelle Zhu
Michelle Zhu5/5/2017 06:30 PM GMT+08  • 2 min read
GSH Corp sinks into 1Q loss of $1.35 mil on lower revenue & higher expenses
SINGAPORE (May 5): Property developer GSH Corp sunk into losses of $1.35 million for the first quarter ended March, versus a profit of $2.8 million posted in the same quarter a year ago.
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SINGAPORE (May 5): Property developer GSH Corp sunk into losses of $1.35 million for the first quarter ended March, versus a profit of $2.8 million posted in the same quarter a year ago.

Revenue fell 10.5% to $21 million from $23.5 million in the previous year due to a 60% decline in contributions from its property business, which amounted to only $3.3 million in revenue compared to $8.2 million in 1Q16.

Revenue from the group’s hospitality business, however, grew by 16% to $17.7 million from $15.3 million a year ago, due mainly to the increase in room occupancy and average room rates at our two hotels in Sutera Harbour Resort in Kota Kinabalu, Sabah.

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