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Fair value gains on investment properties push Q4 earnings at Tuan Sing up by 298%
EARNINGS at Tuan Sing Holdings rocketed 298 per cent to S$49.8 million in its fourth quarter, boosted by a fair value gain of S$44.5 million on investment properties.
This was even as revenue for the three months to Dec 31 last year eased 4 per cent to S$98 million, amid a lower level of activity in the industrial services segment, the property firm said in its earnings report on Friday.
Net profit for the full year jumped 87 per cent to S$62.7 million, while revenue fell 11 per cent to S$357.9 million.
Earnings per share for the quarter was 0.7 Singapore cent, slightly lower than 0.9 Singapore cent previously. Net asset value per share came in at 83 Singapore cents as at Dec 31, up on 77.7 Singapore cents as at the same time a year earlier.
Tuan Sing has proposed a first and final dividend of 0.6 Singapore cent per share for the year, unchanged from previously.
The group said that it will focus on developing Kandis Residence and Remaja project, and commencing its asset enhancement initiative in Perth, Australia this year.
It expects to realise "a significant developer's profit" when 18 Robinson in Singapore is completed before the end of the year.
Shares of Tuan Sing closed one per cent or half a Singapore cent lower at 48 Singapore cents on Friday, before the results were announced.