GSH Q3 profit triples on contributions from KL project

Net profit for GSH Corporation more than tripled in the third quarter ended Sept 30, the property developer said on Monday.

This came on the back of contributions from its maiden project in Kuala Lumpur, it said.

Net profit was S$7.25 million compared with S$2.09 million a year ago, and revenue was up 63.7 per cent to S$45.9 million.

Contributions from its property business tripled to S$22 million from the progressive recognition of sales from GSH Corp's Eaton Residences in KL, while the group's hospitality business maintained its revenue performance at S$22.4 million.

Earnings per share was 0.37 Singapore cent, up from 0.107 cent in the third quarter of the previous year.

"We are pleased that the progressive sales contributions from Eaton Residences have gained traction, which will continue in the quarters ahead," said Gilbert Ee, CEO of GSH. He added that the group's second residential project in KL is scheduled to launch within the next six months.

For the nine months ended Sept 30, net profit was up 64.3 per cent to S$8.89 million and revenue rose 37 per cent to S$103.26 million.

Earnings per share for the nine-month period was 0.454 Singapore cent, compared with 0.276 cent a year ago.

No dividend was declared for the period under review.

Shares of GSH Corp closed unchanged at S$0.355 on Monday before the results were announced.