Global Strategic Group sees smaller loss at $17.46m over last half-year

The Group previously recorded a $61.06m loss in the six months to March 2020.

Global Strategic Group Limited reported a $17.46m loss in the six months ended in March 2021, which declined from the $61.06m recorded in the same period last year.

“The changes were mainly attributable to no impairment regarding the non-current assets in Yichang Biaodian made for the six months ended 31 March 2021 and the reversal of allowance on receivables due to receipt from customers or debtors,” the group said.

Revenue during the six-month period increased to $31.41m from $17.85m previously. This was driven by the natural gas operations segment, which brought in some $26.56m.

Sales volume of natural gas increased 61% to 8.4 million cubic metre from 5.2 million cubic metre.

“However, the selling price needs to be in line with the local government’s policy for the natural gas’s peak consumption period in winter, so sales revenue cannot benefit from the increase in gas sales,” the report read.

Meanwhile, its leasing business and independent financial advisory segments generated some $3.32m and $125,000 revenue, respectively.

The Group noted its Board is not recommending the payment of any dividend for the six month period, ending 31 March 2021.