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Tuan Sing's Q3 net profit down 8% on impairment loss on Fuzhou site

TUAN Sing Holdings has posted an 8 per cent drop in group net profit for the third quarter ended Sept 30, 2015, to S$16.2 million.

The group said the decline was due to an impairment loss of S$7.7 million recognised in the current quarter relating to the group's development land in Fuzhou, China. Excluding this impact, net profit would have been S$23.9 million or 36 per cent higher than that of last year, attributable to higher contributions from property in Singapore and hotels investment in Australia.

Revenue rose 85 per cent to S$184.3 million.

Earnings per share fell to 1.4 cents for Q3 FY2015 from 1.5 cents in Q3 FY2014.

Net asset value per share stood at 71.8 cents as at Sept 30, 2015, compared with 68.3 cents as at Dec 31, 2014.