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GKE Corporation Narrows Net Loss Significantly For 1Q16
GKE Corporation has announced a 1Q16 net loss of $109,000, a reduction of 74.9 percent from the net loss of $434,000 in 1Q15, despite experiencing a dip in revenue.
Revenue saw a dip of 9.8 percent to $8.7 million (1Q15: $9.6 million), mainly due to the cessation of the business operations of GKE & Mohseng, the disposal of GKE Air Logistics in April 2015 and a decrease in business volume handled by its local operations.
However, the group achieved the reduction in losses due to a 1,104.2 percent increase in other income to $289,000 from the gain on disposal of property, plant and equipment as well as foreign exchange gain. Furthermore, an 8.6 percent drop in overall operating expenses across the board to $2.6 million assisted in propelling the group towards recovery.
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