GSH Corporation Ltd posted a net loss of S$10.45 million for the six months ended Jun 30, widening from a S$5.90 million loss a year earlier, as sharply lower property sales outweighed resilient hospitality revenue and lower finance costs.
Revenue fell 32 per cent year-on-year to S$45.29 million. Basic loss per share deepened to 0.36 Singapore cent from 0.25 cent. The board did not propose an interim dividend.
Segment results showed hospitality remained the main contributor, generating S$33.90 million in sales, broadly flat on the prior year. Pre-tax profit from the division slipped 16 per cent to S$0.77 million, held back by higher operating costs. Property development revenue plunged 66 per cent to S$11.40 million as buyers in Malaysia and China stayed on the sidelines amid macro-economic and geopolitical uncertainty; the unit recorded a pre-tax loss of S$0.91 million. The nascent digital-asset mining arm booked a pre-tax loss of S$1.91 million, hit by a S$1.57 million write-down on cryptocurrency inventories following market price declines. Group administrative expenses were flat, while finance expenses fell 36 per cent to S$9.92 million after lower bank borrowings.
GSH invested S$29.5 million—largely in mining equipment—lifting property, plant and equipment to S$615.88 million from S$591.81 million at end-2025. Total loans and borrowings rose to S$433.21 million (31 Dec 2025: S$401.84 million) after drawdowns on revolving facilities to fund the digital-asset expansion. Net gearing edged up to 0.68 from 0.62 six months earlier. Operating cash flow stayed positive at S$12.87 million, but hefty capex drove a S$28.62 million outflow from investing activities; overall cash and cash equivalents were steady at S$30.61 million.
Looking ahead, GSH expects Malaysia’s hospitality market to remain supported by the upcoming Visit Malaysia 2026 campaign, though it cautioned that geopolitical and economic uncertainties could weigh on travel demand and operating costs. The property segment is seen facing continued cautious buyer sentiment and supply overhang in Malaysia and subdued confidence in China. Digital-asset mining prospects will depend on Bitcoin prices, network difficulty and energy costs, the group noted.
Management said it will focus on selective property launches, operational efficiencies in its hotels and disciplined capital allocation for its cryptocurrency venture. The group added that it has adequate liquidity, supported by S$613.19 million in current assets and undrawn credit lines, to meet near-term obligations.