Company Briefs: GSH Corporation

GSH Corporation

Property developer GSH Corporation saw its third-quarter net profit plunge 98.4 per cent to $103,000 from $6.5 million a year ago, owing to a fair-value loss on financial derivatives.

The firm said it had entered into a loan and deposit arrangement with a bank, which has a foreign exchange exposure. This exposure was fully hedged with a financial derivative.

It noted in a stock exchange filing yesterday: "Consequently, the group recorded an unrealised exchange gain of $1 million from the loan and deposit arrangement and unrealised fair-value loss on financial derivative of $2 million in the third quarter of 2016."

Revenue for the three months ended Sept 30 rose 19 per cent year on year to $28.4 million - boosted by its hospitality business.

Federal International

Higher sales helped Federal International book a 74.7 per cent jump in third-quarter net profit to $1.1 million.

Turnover for the three months ended Sept 30 rose 77.4 per cent to $26.5 million.

"The increase was due mainly to higher sales from the group's trading business segment which was supported by sales to an associate for its ongoing projects," the firm said yesterday.

Federal International distributes and provides a range of products and services to the oil and gas, power, petrochemical and pharmaceutical industries.

As at Oct 26, the firm has a committed order book of $110 million.

Elec & Eltek International Co

Third-quarter net profit at Elec & Eltek International dipped by 2.2 per cent to US$2.31 million (S$3.2 million) despite higher shipment volume.

Revenue rose 4.2 per cent to US$121.9 million.

The lift in turnover came on the back of an increase in shipment volume, but the firm noted that "the group was under great pressure of increased production costs" during the quarter.

Elec & Eltek International is an investment holding company whose subsidiaries develop and distribute circuit boards.

It said communication and networking products - including mobile phones - accounted for about 47.2 per cent of its sales in the third quarter.

The firm added that it will continue to upgrade its production facilities in order to further enhance production capacity, and to meet the needs of customers.

A version of this article appeared in the print edition of The Straits Times on November 05, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe