Tuan Sing Q4 profit down 41% in absence of one-off gain
PROPERTY group Tuan Sing Holdings said on Thursday fourth-quarter net profit fell 41 per cent in the absence of a one-off gain from the year-ago period.
Net profit for the three months ended Dec 31, 2015, stood at S$14.6 million, compared to S$24.5 million from a year ago.
It had booked a "one-off negative goodwill gain" of S$26.9 million in the year-ago period, as well as associated acquisition costs of S$17.8 million for Grand Hotel Group (GHG). The company had bought the remaining 50 per cent in GHG that it did not own.
Consequently, with the consolidated revenue, total revenue rose 28 per cent to S$143.4 million. The property segment also posted higher sales.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Sony deal for Paramount would draw added regulatory scrutiny
Bitcoin 'halving' has taken place: CoinGecko
Lululemon to shutter Washington distribution center, lay off 128 employees
Wall Street bonus rules return to regulatory agenda in third try
Honda to invest US$808 million in Brazil by 2030
US: Nasdaq, S&P tumble as Netflix, chip stocks drag