SINGAPORE (Nov 11): Property group GSH Corporation saw its earnings more than treble to $7.3 million for 3Q19 ended September, from $2.1 million a year ago.
This translated to earnings per share of 0.370 cents for 3Q19, compared to 0.107 cents in 3Q18.
3Q revenue jumped 63.7% to $45.9 million, from $28.0 million a year ago.
This was mainly due to a surge in contributions from its property business as a result of the progressive recognition of sales from Eaton Residences, the group’s maiden project in Kuala Lumpur, Malaysia.
As at end-September, cash and cash equivalents stood at $85.8 million.
“We are pleased that the progressive sales contributions from Eaton Residences have gained traction, which will continue in the quarters ahead. Our second residential project in the heart of Kuala Lumpur city is scheduled for launch within the next six months,” says Gilbert Ee, GSH’s CEO.
Shares in GSH closed flat at 35.5 cents on Monday, before the results announcement.
