GPS Alliance Holdings Limited reported audited consolidated earnings results for the year ended December 31, 2015. For the year, the company reported revenue was SGD 2,288,000 against SGD 6,536,000 a year ago. The drop in revenue was largely due to lower revenue of SGD 3.6 million from the Fit-Out Solutions segment and reversal of SGD 0.3 million revenue previously recognized from the project management contract in Chongqing, China.

Profit before income tax was SGD 2,856,000 against loss of SGD 3,087,000 a year ago. Profit from continuing operations was SGD 2,856,000 or 3.48 cents basic and diluted per share against loss of SGD 3,087,000 or 4.75 cents basic and diluted per share a year ago. Profit for the year attributable to owners of the company was SGD 3,310,000 against loss of 4,408,000 a year ago.

Total comprehensive income attributable to owners of the company was SGD 3,120,000 or 2.38 cents basic and diluted per share against loss of SGD 4,479,000 or 7.05 cents basic and diluted per share a year ago. Net cash used in operating activities was SGD 1,482,000 against SGD 1,997,000 a year ago. Purchase of property, plant and equipment was SGD 175,000 against SGD 3,765,000 a year ago.

Purchase of intangible assets was SGD 1,000 against SGD 2,000 a year ago. The group reported a profit of SGD 1.9 million compared with a loss of SGD 4.6 million in fiscal year 2014, mainly due to the share of profit from the Watercolours Executive Condominium project, lower losses from discontinued operations, lower administrative expenses and the absence of due diligence and investment assessment expenses and director cessation benefits, partially offset by gross loss for the year.