Singapore. 13 August 2019--GS Holdings Limited (GS Holdings or the Company and together with its subsidiaries, the Group), is pleased to announce that it has achieved a turnaround on its half year financial results (HY2019) for the period ended 30 June 2019.

　　Other than specialising in providing end-to-end cleaning services for Singapore’s food and beverage(F&B) industry, GS Holdings Limited has expanded into the F&B market and in Singapore, it currently operates 3 food courts/food centers, 1 halal eating house and a chicken rice restaurant under the “Sin Swee Ke” brand name.

　　GS Holdings Limited’s subsidiary, Wish Hospitality Holdings Private Limited(Wish) provides branding management, operational support and central procurement (BOP) services to “healthy lifestyle centers” or “F&B”outlets in China by utilising GS Holdings’ experience in F&B industry and reputation.

　　As an important business segment of GS Holdings, Wish provides brand management, operational support and central procurement (BOP) services for health management centers in China. Wish is a health management company focusing on human proteomics research. As a comprehensive health solution provider, Wish provides health consulting services to the public through a set of systematic, professional and personalized service procedures.

　　Review of Financial Performances in HY 2019

　　The Group’s revenue increased substantially by approximately S$10.8 million from S$5.0 million in 1H 2018 to S$15.8 million in 1H 2019, which was principally attributed to the receipt of service fee from the 14 BOP service agreement entered into by Wish as well as the revenue generated by the Group’s F&B business under Hao Kou Wei Pte Ltd (HKW) (which was acquired on 1 April 2019).

　　Notably, cost of sales of the Group’s dishware washing and cleaning business segment decreased by S$0.9 million in 1H 2019 with lower business activities and the streamlining exercises undertaken by the Group since 1H2019, which resulted in higher efficiency.

　　Current Assets

　　Trade and other receivables increased substantially by S$9.8 million was mainly attributable to the above-mentioned 14 BOP service agreements secured by the Group which have an aggregate quarterly contract sum of RMB 50 million. As announced on 11 July 2019 Company had received gross payment of RMB 30 million from 8 BOP service agreements.