GSH Corporation Ltd reported a net loss of S$25.3 million for the 12 months ended Dec 31, 2025, compared with a loss of S$15.5 million a year earlier, as a non-cash write-down of development properties and lower contributions from the property division offset a recovery in hospitality earnings.

Basic loss per share deteriorated to 0.73 Singapore cents from 0.52 cents YoY. The board proposed a tax-exempt final dividend of 0.0666 Singapore cents per share, subject to shareholder approval; no dividend was paid for FY2024.

Group revenue in FY2025 edged up 4 per cent year-on-year to S$130.3 million. Hospitality sales improved 8 per cent to S$72.3 million on stronger occupancy and room rates in Malaysia, contributing 55 per cent of the top line. Property revenue grew 2 per cent to S$58.1 million, driven by higher unit handovers at Eaton Residences in Kuala Lumpur, and accounted for the remaining 45 per cent.

By segment, the hospitality arm generated pre-tax profit of S$5.9 million, up from S$4.1 million a year earlier. Property swung to a pre-tax loss of S$2.0 million from a profit of S$12.0 million, mainly after a S$14.7 million impairment on Chongqing development inventories. Corporate and other activities booked a wider pre-tax loss of S$26.6 million (FY2024: ‑S$27.2 million).

Administrative expenses increased 10 per cent to S$37.0 million, reflecting higher upkeep and maintenance cost, while finance expenses eased 7 per cent to S$27.2 million following debt repayments and lower borrowing costs.

GSH’s balance-sheet metrics improved after it raised S$111.7 million via a private share placement in November, using S$76.3 million of the proceeds to pare borrowings. Total loans and borrowings fell to S$401.8 million from S$507.5 million, and the net debt-to-equity ratio improved to 0.62 from 0.98 a year earlier. Cash and cash equivalents rose to S$31.6 million (FY2024: S$26.2 million).

The group generated S$34.1 million of net operating cash flow, helped by property sales and lower working-capital needs after completing the Coral Bay development in December 2024. Net investing cash inflow of S$1.5 million reflected the S$5.3 million sale of a Dubai investment property, partly offset by S$4.1 million of capital expenditure. Financing activities resulted in a S$30.6 million net outflow, chiefly due to loan repayments and interest, moderated by the share placement proceeds.

Looking ahead, GSH expects Malaysian tourism demand to remain resilient, underpinned by ongoing visa facilitation measures and the upcoming Visit Malaysia 2026 campaign. The company noted that Malaysia’s residential market remains selective amid recent stamp-duty changes for foreign buyers, while China’s property environment “remains challenging” despite policy support.

Strategically, management intends to focus on balance-sheet discipline following the recent capital injection, continue monetising completed inventory at Eaton Residences, and leverage improving hospitality demand to drive earnings recovery in 2026.