Tuan Sing H2 net loss narrows to S$1.2 million

PROPERTY company Tuan Sing reported on Friday (Feb 23) a smaller net loss in the second half of 2023 amid an increase in revenue.

Net loss for the six months ended Dec 31, 2023, fell 77 per cent to S$1.2 million, compared with a net loss of S$5.1 million in the corresponding year-ago period.

The group said this was mainly due to higher fair-value gains and greater contributions from other investments. However, this was partly offset by weaker performance from its real estate development business and increased finance costs due to higher interest rates.

Revenue for the period rose 43 per cent on-year to S$159 million, while full-year revenue was also up 35 per cent to S$303.7 million from S$225.3 million in FY2022.

The company said the higher revenue for the full year came from all three segments of the business: real estate development, real estate investment and hospitality.

For the full year, Tuan Sing reported a net profit of S$4.8 million, a 5 per cent improvement from the S$4.6 million in FY2022.

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The board has proposed a first and final divided of S$0.007 per share for FY2023, unchanged from the previous year.

As at December 2023, the group had cash and cash equivalents of $222.8 million, compared with $252 million a year ago. Net asset value per share fell to S$0.99 from S$1.004 over the same period.

Tuan Sing shares rose 2 per cent to close at S$0.255 on Friday, before the announcement.