LOGISTICS and feedstock technology company GKE Corp has fallen into the red for the six months ended Nov 30.
It reported a loss of $2.26 million, a reversal of the $10.9 million profit it made in the same period a year earlier.
This came despite revenue increasing by 10.2 per cent from to $14.7 million.
A rise in the volume handled from local transportation services as well as better storage revenue generated from newly acquired warehouses boosted revenue.
But the cost of sales increased by 16.1 per cent to $11.4 million largely owing to higher staff costs and depreciation of property, plant and equipment.
One key factor for this was its business expansion.
GKE also saw a significant decrease in other income from $12.7 million to $115,000.
This was mainly due to the one time gain on revaluation of investment in associate to fair value, gain on disposal of subsidiaries and gain on disposal of available-for-sale investments in the corresponding period last year.
It made a loss per share of 0.49 cent for the period ended Nov 30, reversing from earnings of 2.16 cents in the earlier period.
Net asset value per share for the period ended Nov 30 was 15.45 cents, down from 16.21 cents at the end of May.