GL's 1Q earnings plunge 65%

SINGAPORE (Oct 24): GL posted a 65% decline in earnings to US$11 million ($15.3 million) for 1QFY17, compared with earnings of US$31.4 million in 1QFY16.

For the quarter to September, revenue fell 15% to US$97.8 million due to lower revenue recognition from both its hotel and gaming businesses, as well as the translation effects from a weaker GBP against the US dollar.

The revenue decline was mitigated by higher revenue from the Bass Strait oil and gas royalty income on the back of higher gas production and the appreciation of the Australian dollar against USD by 6%.

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