Revenue surged 73.0% to $30.6 million in 2Q17, from $17.7 million a year ago.
This was mainly due to rising room occupancy rates and average room rates at its two hotels – The Magellan Sutera Resort and The Pacific Sutera Hotel – in Sutera Harbour Resort in Kota Kinabalu, Sabah.
As a result, GSH’s hospitality segment saw a 40% increase in revenue to $17.2 million during the quarter.
Meanwhile, revenue from its property business more than doubled to $13.3 million in 2Q, from $5.4 million a year ago.
GSH says revenue from sales at the group’s Eaton Residences project in Kuala Lumpur were not recognized in 2Q17 as they will only be recognized at various stages of construction.
As at end June, cash and cash equivalents stood at $70.9 million.
GSH has proposed a special dividend of 1 cent per share, payable on Sept 6, 2017.
According to GSH Chief Executive Officer Gilbert Ee, the group will be launching its first luxury condominium project in Kota Kinabalu – Coral Bay @ Sutera – later this year.
“We are pleased that we have strengthened our balance sheet. With the increased war chest, we are in a good position to grow the group’s investments,” says GSH Executive Chairman Sam Goi.
Shares of GSH closed half a cent higher at 55 cents on Friday.
