GSH Corporation swings to FY2025 S$25.3m loss on S$14.7m China project write‑down and higher admin costs, despite 4% revenue growth and stronger operating cash
Summary:
-
FY2025 revenue rose 4% to S$130.3 million, driven by hospitality and China property sales, but gross profit increased only 8% to S$57.8 million as cost of sales stayed elevated.
-
The Group posted a S$22.7 million pre‑tax loss and S$25.3 million net loss (FY2024: S$15.5 million loss), mainly due to a S$14.7 million write‑down of development properties and higher administrative expenses, partly offset by lower interest costs and net finance charges.
-
Loss attributable to owners widened to S$17.7 million from S$10.2 million, while non‑controlling interests booked a S$7.6 million loss; however, total comprehensive income attributable to owners remained positive at S$1.4 million on sizeable FX translation gains.
-
Despite the loss, GSH strengthened its capital base with S$112.2 million of new shares issued (via a major subscription and bond conversion), cutting the net‑debt‑to‑equity ratio to 0.62x from 0.98x as loans fell to S$401.8 million and cash plus time deposits rose to S$32.8 million.
-
Operating cash flow was robust at S$34.1 million (FY2024: S$35.6 million), helped by S$34.7 million release from development properties, and NAV per share for shareholders increased to about 19.3 cents after equity injection, even as China property headwinds and higher funding costs continue to weigh on earnings.